Terms Used In Ohio Code 1322.07

• Branch office: means a location at which a licensee conducts business other than a registrant's principal place of business, if at least one of the following applies to the location:

  (1) The address of the location appears on business cards, stationery, or advertising used by the registrant;

  (2) The registrant's name or advertising at the location suggests that mortgage transactions are made at the location;

  (3) The location is held out to the public as a licensee's place of business due to the actions of an employee or independent contractor of the registrant; or

  (4) The location within this state is controlled directly or indirectly by the registrant. See Ohio Code 1322.01

• Entity: means a business organization, including a sole proprietorship. See Ohio Code 1322.01
• Individual: means a natural person. 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 broker: means an entity that for compensation or gain, or in the expectation of compensation or gain, obtains, attempts to obtain, or assists in obtaining a residential mortgage loan for a borrower from a mortgage lender. 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 loan originator: means an individual who for compensation or gain, or in the expectation of compensation or gain, does any of the following:

  (a) Takes a residential mortgage loan application;

  (b) Assists or offers to assist a buyer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms, including rates, fees, and other costs;

  (c) Offers or negotiates terms of a residential mortgage loan;

  (d) Issues or offers to issue a commitment for a residential mortgage loan to a buyer. See Ohio Code 1322.01

• 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
• Person: means an individual, sole proprietorship, corporation, company, limited liability company, partnership, limited liability partnership, trust, or association. See Ohio Code 1322.01
• Registered mortgage loan originator: means an individual to whom both of the following apply:

  (1) The individual is a mortgage loan originator and an employee of a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the farm credit administration. See Ohio Code 1322.01

• Registrant: means any person that has been issued a certificate of registration under this chapter. See Ohio Code 1322.01
• state: means the state of Ohio. 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
• United States: includes all the states. See Ohio Code 1.59