Ohio Code 1322.02 – Rules amending definitions of mortgage broker, lender, or originator; rules amending criteria for letters of exemption
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The superintendent of financial institutions may, by rule, amend the definition of mortgage loan originator, mortgage broker, mortgage lender, mortgage servicer, or any other definition in section 1322.01 of the Revised Code, or the criteria for an entity to obtain a letter of exemption, or a registration or license, under this chapter, if the superintendent finds that the change is necessary to remain consistent with the purposes intended by the policy and provisions of the “Secure and Fair Enforcement for Mortgage Licensing Act of 2008,” 122 Stat. 2810, 12 U.S.C. § 5101.
Terms Used In Ohio Code 1322.02
- Entity: means a business organization, including a sole proprietorship. See Ohio Code 1322.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means the consensual interest in real property located in this state, including improvements to that property, securing a debt evidence by a mortgage, trust indenture, deed of trust, or other lien on real property. See Ohio Code 1322.01
- Mortgage lender: means an entity that for compensation or gain, or in the expectation of compensation or gain consummates a residential mortgage loan, advances funds, offers to advance funds, or commits to advancing funds for a borrower. See Ohio Code 1322.01
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage servicer: means a person that, for compensation or gain for itself or on behalf of the holder of a residential mortgage loan, holds the servicing rights for more than five residential mortgage loans, records mortgage payments on its books for more than five residential mortgage loans, or performs other functions to carry out the residential mortgage holder's obligations or rights under the mortgage agreement for more than five residential mortgage loans including, when applicable, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of such funds to the taxing authority and insurance company. See Ohio Code 1322.01
- Rule: includes regulation. See Ohio Code 1.59
- Superintendent of financial institutions: includes the deputy superintendent for consumer finance as provided in section 1181. See Ohio Code 1322.01
Rules authorized by this section shall be adopted in accordance with Chapter 119 of the Revised Code.
Last updated June 22, 2021 at 1:07 PM