224.71(1e)

(1e) “Division” means the division of banking.

224.71(3)(a)2.

2. Sells residential mortgage loans or interests in residential mortgage loans to another person.

224.71(3)(b)

(b) “Mortgage banker” does not include any of the following:

224.71(4)

(4)

224.71(4)(b)6.

6. An institution regulated by the farm credit administration.

224.71(6)(a)2.

2. Offers or negotiates terms of a residential mortgage loan.

224.71(13)(a)

(a) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property.

224.71(4)(b)8.

8. A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).

224.71(6)

(6)

224.71(6)(a)1.

1. Takes a residential mortgage loan application.

224.71(6)(b)

(b) “Mortgage loan originator” does not include any of the following:

224.71(6)(b)3.

3. An individual solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).

224.71(10)

(10) “Nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage.

224.71(11)

(11) “Originate,” with respect to a residential mortgage loan, means to make an underwriting decision on the residential mortgage loan and close the loan.

224.71(13)(b)

(b) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property.

224.71(15)

(15) “Residential real property” means real property on which a dwelling is constructed or intended to be constructed.

224.71(18)

(18) “Unique identifier” means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.

224.71(3)(a)3.

3. Services residential mortgage loans or provides escrow services.

224.71(1dm)

(1dm) “Depository institution” has the meaning given in 12 USC 1813 (c) (1), but also includes any state or federal credit union.

224.71(1f)

(1f) “Dwelling” has the meaning given in 15 USC 1602 (v).

224.71(2)(a)

(a) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan.

224.71(3)

(3)

224.71(3)(a)1.

1. Originates residential mortgage loans for itself, as payee on the note evidencing the residential mortgage loan, or for another person.

224.71(3)(b)8.

8. A depository institution.

224.71(3)(b)9.

9. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.

224.71(3)(b)10.

10. An institution regulated by the farm credit administration.

224.71(3)(b)12.

12. A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).

224.71(1bm)

(1bm) “Another state” means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.

224.71(1c)

(1c) “Branch office” means an office or place of business, other than the principal office, located in this state or another state, where a mortgage banker or mortgage broker conducts business with residents of this state.

224.71(1h)

(1h) “Federal banking agency” means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the U.S. office of thrift supervision, the national credit union administration, or the federal deposit insurance corporation.

224.71(1m)

(1m) “Finds,” with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.

224.71(2)

(2) “Loan processor or underwriter” means an individual who, as an employee, performs clerical or support duties at the direction of and subject to the supervision and instruction of a mortgage loan originator licensed under § 224.725 or exempt from licensing under § 224.726 (1), which clerical or support duties may include any of the following occurring subsequent to the receipt of a residential mortgage loan application:

224.71(2)(b)

(b) Communicating with a residential mortgage loan applicant to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that the communication does not include offering or negotiating loan rates or terms or providing counseling related to loan rates or terms.

224.71(3)(a)

(a) “Mortgage banker” means a person who is not excluded by para. (b) and who does any of the following:

224.71(3)(b)7.

7. The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45.

224.71(4)(b)

(b) “Mortgage broker” does not include any of the following:

224.71(4)(b)4.

4. A depository institution.

224.71(4)(b)5.

5. A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency.

224.71(3)(b)11.

11. A person that only performs real estate brokerage activities and is licensed under § 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.

224.71(4)(a)

(a) “Mortgage broker” means a person who is not excluded by para. (b) and who, on behalf of a residential mortgage loan applicant or an investor and for commission, money, or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.

224.71(4)(b)7.

7. A person that performs real estate brokerage activities only and is licensed under § 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.

224.71(4)(b)9.

9. The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45.

224.71(6)(a)

(a) “Mortgage loan originator” means an individual who is not excluded by para. (b) and who, for compensation or gain or in the expectation of compensation or gain, does any of the following:

224.71(6)(b)1.

1. An individual engaged solely as a loan processor or underwriter, unless the individual represents to the public, through advertising or another means of communication such as the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.

224.71(6)(b)2.

2. An individual who performs real estate brokerage activities only and is licensed under § 452.03, unless the individual is compensated by a lender, mortgage broker, or another mortgage loan originator or by any agent of a lender, mortgage broker, or another mortgage loan originator.

224.71(6)(b)4.

4. An employee of the department of veterans affairs when engaged in duties related to administering the veterans housing loan program under subch. III of ch. 45.

224.71(7)

(7) “Nationwide mortgage licensing system and registry” means the licensing and registration system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for licensed mortgage loan originators and mortgage loan originators exempt from licensing under § 224.726 (1) or, if this system is no longer maintained, any system established by the secretary of the federal department of housing and urban development under P.L. 110-289, Title V, section 1509.

224.71(8)

(8) “Negotiate,” with respect to a residential mortgage loan, means to discuss, explain, or present the terms and conditions, including rates, fees, and other costs, of a residential mortgage loan with or to a residential mortgage loan applicant, but does not include making an underwriting decision on a residential mortgage loan or closing a residential mortgage loan.

224.71(9)

(9) “Net worth” means total tangible assets less total liabilities of a person, or, if the person is an individual, total tangible assets less total liabilities exclusive of the person’s principal residence and its furnishings and personal use vehicles.

224.71(12)

(12) “Principal office,” with respect to a mortgage banker or mortgage broker, means the place of business designated by the mortgage banker or mortgage broker as its principal place of business, as identified in the records of the division.

224.71(13)

(13) “Real estate brokerage activity” means any activity that involves offering or providing to the public real estate brokerage services involving residential real property in this state, including all of the following:

224.71(13)(c)

(c) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than in connection with providing financing for the transaction.

224.71(13)(d)

(d) Engaging in any activity for which a person engaged in the activity is required to be licensed under § 452.03.

224.71(13)(e)

(e) Offering to engage in any activity, or act in any capacity, described in pars. (a) to (d).

224.71(14)

(14) “Residential mortgage loan” means any loan primarily for personal, family, or household use that is secured by a lien or mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.

224.71(16)

(16) “Services,” with respect to a residential mortgage loan, means to receive payments on a note from the borrower and distribute these payments in accordance with the terms of the note or servicing agreement.

224.71(17)

(17) “Table funding” means a transaction in which a person conducts a residential mortgage loan closing in the person’s name with funds provided by a 3rd party and the person assigns the residential mortgage loan to the 3rd party within 24 hours of the residential mortgage loan closing.