Alabama Mortgage Loan Origination Agreement

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a) In general.  The term “credit processor or subcontractor” refers to a person who, as an employee on instruction and under the authority and authority of a licensed person or is exempt from licence under the Alabama Consumer Credit Act or the Consumer Licensing Act, engages in office or support activity. (a) In general.  The term “Mortgage Loan Originator”: (6) LOSS MITIGATION SPECIALIST.  The term “loss reduction specialist” refers to a person employed by a lender or service provider who negotiates or renegotiates the terms of an existing loan or helps refinance an existing loan when a borrower is late or with a reasonable probability of default. (i) the receipt, collection, distribution and analysis of the usual information for the processing or instruction of a residential mortgage;  and (ii) contact a consumer in order to obtain the information necessary to process or instruct a loan, as this communication does not include the offer or negotiation of rates or terms of borrowing or advice to consumers on interest rates or conditions applicable to residential home loans. (A) accepts an application for residential mortgages;  or (ii) does not include a person acting exclusively as a lender or lender, unless otherwise provided for in Section 5-26-4(3); (a) Satisfied with the definition of mortgage and is used by: (8) NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.  The term “Nationwide Mortgage Licensing System and Registry” refers to a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage borrowers. (9) NON-TRADITIONAL MORTGAGE PRODUCT.  The term “unconventional mortgage product” refers to any mortgage product with a mortgage other than a 30-year fixed-rate mortgage.

c) Public performances.  Anyone who exclusively engages in credit subcontracting or agent activities cannot demonstrate to the public, through advertising or other means of communication or information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that this person may or will carry out any of the activities of a mortgage lender. (12) RESIDENTIAL MORTGAGES.  The term “residential mortgage” refers to any credit intended primarily for personal, family or private use, secured by a mortgage, trust decision or other equivalent consensual security interests on a dwelling (as defined in Section 103 (v) of the Truth Act) or on residential real estate on which a dwelling is to be built or built. (11) REGISTERED MORTGAGE.  The term “registered mortgage lender” refers to any person who: (iii) negotiates, on behalf of a party, any part of a contract relating to the sale, purchase, lease, lease or exchange of real estate (except in the context of the provision of financing in connection with such a transaction); (iv) the exercise of an activity for which a person involved in the activity must be registered or dismissed as a real estate agent or real estate agent under applicable law;  and b) is registered in the federal mortgage licence and registration system and manages them, or if federal banks set up a registration system prior to the introduction of a registration system, they would be registered and controlled by federal banks in the registration system upon implementation. (2) FEDERAL BANKS.  The term “federal banks” refers to the Federal Reserve System Board of Governors, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration and the Federal Deposit Insurance Corporation.

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