{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.2","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.2","heading":"Definitions","body":"As used in the Oklahoma Secure and Fair Enforcement for Mortgage\n\nLicensing Act:\n\n1. “Administrator” means the Administrator of Consumer Credit;\n\n2. “Affiliate” means an entity which directly or indirectly,\n\nthrough one or more intermediaries, controls, is controlled by or is\n\nunder common control with the entity specified;\n\n3. “Borrower” means any individual who consults with or retains\n\na mortgage broker or mortgage loan originator in an effort to obtain\n\nor seek advice or information on obtaining or applying to obtain or\n\nmodify a residential mortgage loan for himself, herself, or\n\nindividuals including himself or herself, regardless of whether the\n\nindividual actually obtains or modifies such a loan;\n\n4. “Branch office” means any location, other than a mortgage\n\nlender’s or mortgage broker’s principal place of business or a\n\nremote location, where the licensee or its employees or independent\n\ncontractors maintain a physical presence for the purpose of\n\nconducting business;\n\n5. “Commission” means the Commission on Consumer Credit;\n\n6. “Compensation” means anything of value or any benefit\n\nincluding points, commissions, bonuses, referral fees and loan\n\norigination fees;\n\n7. “Depository institution” has the same meaning as in Section\n\n3 of the Federal Deposit Insurance Act and includes any credit\n\nunion;\n\n8. “Entity” means a corporation, company, limited liability\n\ncompany, partnership or association;\n\n9. “Federal banking agencies” means the Board of Governors of\n\nthe Federal Reserve System, the Comptroller of the Currency, the\n\nDirector of the Office of Thrift Supervision, the National Credit\n\nUnion Administration and the Federal Deposit Insurance Corporation;\n\n10. “Immediate family member” means a spouse, child, sibling,\n\nparent, grandparent or grandchild and includes stepparents,\n\nstepchildren, stepsiblings and adoptive relationships;\n\n11. “Individual” means a natural person and also includes a\n\nsole proprietorship;\n\n12. a. “Loan processor or underwriter” means an entity or\n\nindividual who performs support duties as an employee\n\nat the direction of and subject to the supervision and\n\ninstruction of an entity or individual licensed or\n\nexempt from licensing as provided in Section 2095.3 of\n\nthis title.\n\nb. For purposes of this paragraph, the term “clerical or\n\nsupport duties” may include subsequent to the receipt\n\nof an application, the receipt collection,\n\ndistribution and analysis of information necessary for\n\nthe processing or underwriting or modification of a\n\nloan, to the extent that such communication does not\n\ninclude offering or negotiating or modifying loan\n\nrates or terms, or counseling consumers about\n\nresidential mortgage loan rates or terms.\n\nc. An entity or individual engaging solely in loan\n\nprocessor or underwriter activities shall not\n\nrepresent to the public through advertising or other\n\nmeans of communicating or providing information,\n\nincluding the use of business cards, stationery,\n\nbrochures, signs, rate lists or other promotional\n\nitems, that such entity or individual can or will\n\nperform any of the activities of a mortgage broker or\n\nmortgage loan originator;\n\n13. a. “Mortgage broker” means an entity who for compensation\n\nor gain or in the expectation of compensation or gain:\n\n(1) takes a residential mortgage loan application,\n\n(2) offers, negotiates or modifies the terms of a\n\nresidential mortgage loan, or\n\n(3) services a residential mortgage.\n\nb. Mortgage broker does not include:\n\n(1) an entity engaged solely as a loan processor or\n\nunderwriter except as otherwise provided in\n\nSection 2095.5 of this title,\nation\n\nor gain or in the expectation of compensation or gain:\n\n(1) takes a residential mortgage loan application,\n\n(2) offers, negotiates or modifies the terms of a\n\nresidential mortgage loan, or\n\n(3) services a residential mortgage.\n\nb. Mortgage broker does not include:\n\n(1) an entity engaged solely as a loan processor or\n\nunderwriter except as otherwise provided in\n\nSection 2095.5 of this title,\n\n(2) an entity that only performs real estate\n\nbrokerage activities and is licensed or\n\nregistered in accordance with Oklahoma law,\n\nunless the entity is compensated by a lender, a\n\nmortgage broker, or other mortgage loan\n\noriginator or by any agent of such lender,\n\nmortgage broker or other mortgage loan\n\noriginator, and\n\n(3) an entity solely involved in extensions of credit\n\nrelating to timeshare plans, as that term is\n\ndefined in 11 U.S.C., Section 101(53D);\n\n14. “Mortgage lender” means an entity that takes an application\n\nfor a residential mortgage loan, makes a residential mortgage loan\n\nor services a residential mortgage loan and is an approved or\n\nauthorized:\n\na. mortgagee with direct endorsement underwriting\n\nauthority granted by the United States Department of\n\nHousing and Urban Development,\n\nb. seller or servicer of the Federal National Mortgage\n\nAssociation or the Federal Home Loan Mortgage\n\nCorporation, or\n\nc. issuer for the Government National Mortgage\n\nAssociation;\n\n15. a. “Mortgage loan originator” means an individual who for\n\ncompensation or gain or in the expectation of\n\ncompensation or gain:\n\n(1) takes a residential mortgage loan application, or\n\n(2) offers or negotiates or modifies the terms of a\n\nresidential mortgage loan.\n\nb. Mortgage loan originator does not include:\n\n(1) an individual engaged solely as a loan processor\n\nor underwriter except as otherwise provided in\n\nSection 2095.5 of this title,\n\n(2) an individual that only performs real estate\n\nbrokerage activities and is licensed or\n\nregistered in accordance with Oklahoma law,\n\nunless the individual is compensated by a lender,\n\na mortgage broker, or other mortgage loan\n\noriginator or by any agent of such lender,\n\nmortgage broker, or other mortgage loan\n\noriginator, and\n\n(3) an individual solely involved in extensions of\n\ncredit relating to timeshare plans, as that term\n\nis defined in 11 U.S.C., Section 101(53D);\n\n16. “Nationwide Multistate Licensing System and Registry” means\n\na mortgage licensing system developed and maintained by the\n\nConference of State Bank Supervisors and the American Association of\n\nResidential Mortgage Regulators for the licensing and registration\n\nof licensed mortgage brokers and mortgage loan originators;\n\n17. “Nontraditional mortgage product” means any mortgage\n\nproduct other than a thirty-year fixed rate mortgage;\n\n18. “Real estate brokerage activity” means any activity that\n\ninvolves offering or providing real estate brokerage services to the\n\npublic, including:\n\na. acting as a real estate agent or real estate broker\n\nfor a buyer, seller, lessor or lessee of real\n\nproperty,\n\nb. bringing together parties interested in the sale,\n\npurchase, lease, rental or exchange of real property,\n\nc. negotiating, on behalf of any party, any portion of a\n\ncontract relating to the sale, purchase, lease, rental\n\nor exchange of real property, other than in connection\n\nwith providing financing with respect to any such\n\ntransaction,\n\nd. engaging in any activity for which an entity engaged\n\nin the activity is required to be registered or\n\nlicensed as a real estate agent or real estate broker\n\nunder any applicable law, and\n\ne. offering to engage in any activity or act in any\n\ncapacity described in this paragraph;\n\n19. “Registered mortgage loan originator” means any individual\n\nwho:\n\na. meets the definition of mortgage loan originator and\n\nis an employee of:\n\n(1) a depository institution,\n\n(2) a subsidiary that:\n\n(a) is owned and controlled by a depository\n\ninstitution, and\nstate broker\n\nunder any applicable law, and\n\ne. offering to engage in any activity or act in any\n\ncapacity described in this paragraph;\n\n19. “Registered mortgage loan originator” means any individual\n\nwho:\n\na. meets the definition of mortgage loan originator and\n\nis an employee of:\n\n(1) a depository institution,\n\n(2) a subsidiary that:\n\n(a) is owned and controlled by a depository\n\ninstitution, and\n\n(b) is regulated by a federal banking agency, or\n\n(3) an institution regulated by the Farm Credit\n\nAdministration, and\n\nb. is registered with, and maintains a unique identifier\n\nthrough, the Nationwide Multistate Licensing System\n\nand Registry;\n\n20. “Remote location” means a location, other than the\n\nprincipal place of business or a branch office, at which the\n\nemployees or independent contractors of a licensee may conduct\n\nmortgage business. Licensable activities from a remote location\n\nshall be permitted when conducted under the supervision of the\n\nlicensee and when all requirements in Section 22 of this act are\n\nsatisfied;\n\n21. “Residential mortgage loan” means any loan primarily for\n\npersonal, family or household use that is secured by a mortgage,\n\ndeed of trust, or other equivalent consensual security interest on a\n\ndwelling as defined in Section 103(v) of the Truth in Lending Act or\n\nresidential real estate upon which is constructed or intended to be\n\nconstructed such a dwelling;\n\n22. “Residential real estate” means any real property located\n\nin this state upon which is constructed or intended to be\n\nconstructed a dwelling as defined in paragraph 21 of this section;\n\n23. “Servicing” means the administration of a resident mortgage\n\nloan following the closing of such loan. An entity shall be deemed\n\nto be servicing if it either holds the servicing rights, or engages\n\nin any activities determined to be servicing, including:\n\na. collection of monthly mortgage payments,\n\nb. the administration of escrow accounts,\n\nc. the processing of borrower inquiries and requests, and\n\nd. default management; and\n\n24. “Unique identifier” means a number or other identifier\n\nassigned by protocols established by the Nationwide Multistate\n\nLicensing System and Registry.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"cc031716a1c616fd83c55559cd16ca29efc82f461af2f5fabf342ee65480b708","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.19","next":"us-ok/okla.-stat.-tit.-59-59-2095.20"},"notice":"GroundRules: Original legal text. Not legal advice."}