Okla. Stat. tit. 59, § 59-2082v1: Definitions.

As used in the Mortgage Broker Licensure Act:

1. “Administrator” means the Administrator of Consumer Credit;

2. “Affiliate” means an entity which directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with the entity specified;

3. “Borrower” means any person who consults with or retains a mortgage broker or loan originator in an effort to obtain or seek advice or information on obtaining or applying to obtain a residential mortgage loan for himself, herself, or persons including himself or herself, regardless of whether the person actually obtains such a loan;

4. “Commission” means the Commission on Consumer Credit;

5. “Compensation” means anything of value or any benefit including points, commissions, bonuses, referral fees and loan origination fees;

6. “Employee” means an individual who has an employment relationship acknowledged by both the employee and the mortgage broker, and the individual is treated as an employee by the mortgage broker for purposes of compliance with federal income tax laws;

7. “Independent contractor” or “person who independently contracts” means any person that expressly or implicitly contracts to perform mortgage brokering services for another and that with respect to its manner or means of performing the services is not subject to the other’s right of control, and that is not treated as an employee by the other for purposes of compliance with federal income tax laws;

8. “Investor” means a person who lends or invests money in mortgage loans;

9. “Loan processor” means an individual who works under the instruction of a mortgage loan originator or mortgage broker and performs only clerical functions such as gathering information, requesting information, word processing, sending correspondence or amending files;

10. “Mortgage loan originator” means a person employed, either directly or indirectly, or retained as an independent contractor by a person required to be licensed as a mortgage broker and who is not exempt under Section 2083 of this title and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a residential mortgage loan for or on behalf of a licensed mortgage broker;

11. “Mortgage broker” means any person who is not exempt under Section 2083 of this title and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a residential mortgage loan;

12. “Person” means an individual, corporation, company, limited liability company, partnership, association, or similar legal entity;

13. “Mortgage loan” means any loan secured by a mortgage, deed of trust or any lien interest on residential real estate located in this state created with the consent of the owner of the real estate; and

14. “Third-party provider” means any person other than a mortgage broker or lender who provides goods or services to the mortgage broker in connection with the preparation of the borrower’s loan and includes, but is not limited to, credit reporting agencies, title companies, appraisers, structural and pest inspectors, or escrow companies.

Added by Laws 1997, c. 401, § 2, eff. Nov. 1, 1997. Amended by Laws 1998, c. 170, § 1, eff. Nov. 1, 1998; Laws 2002, c. 469, § 1, eff. July 1, 2003; Laws 2005, c. 112, § 1, eff. July 1, 2005.