Subpart A General
Subpart B Determination of State Compliance With the S.a.f.e. Act
Subpart C The Bureau’s Loan Originator Licensing System and Nationwide Mortgage Licensing and Registry System
Subpart D Minimum Requirements for Administration of the Nmlsr
Subpart E Enforcement of the Bureau’s Licensing System
§ 1008.1 Purpose
§ 1008.3 Confidentiality of information

Terms Used In CFR > Title 12 > Chapter X > Part 1008

  • Administrative or clerical tasks: means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan. See 12 CFR 1008.23
  • Application: means a request, in any form, for an offer (or a response to a solicitation of an offer) of residential mortgage loan terms, and the information about the borrower or prospective borrower that is customary or necessary in a decision on whether to make such an offer. See 12 CFR 1008.23
  • assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Bureau: means the Bureau of Consumer Financial Protection. See 12 CFR 1008.23
  • contract: A legal written agreement that becomes binding when signed.
  • credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • deed: The legal instrument used to transfer title in real property from one person to another.
  • Director: means the Director of the Bureau of Consumer Financial Protection. See 12 CFR 1008.23
  • discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Employee: means an individual:

    (1) Whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and

    (2) Whose compensation for Federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person. See 12 CFR 1008.23

  • evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • felony: A crime carrying a penalty of more than a year in prison.
  • fixed rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • For compensation or gain: See §1008. See 12 CFR 1008.23
  • fraud: Intentional deception resulting in injury to another.
  • Independent contractor: means an individual who performs his or her duties other than at the direction of and subject to the supervision and instruction of an individual who is licensed and registered in accordance with §1008. See 12 CFR 1008.23
  • jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Loan originator: See §1008. See 12 CFR 1008.23
  • mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Nontraditional mortgage product: means any mortgage product other than a 30-year fixed-rate mortgage. See 12 CFR 1008.23
  • oath: A promise to tell the truth.
  • oversight: Committee review of the activities of a Federal agency or program.
  • real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Residential mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(w) of the Truth in Lending Act) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined). See 12 CFR 1008.23
  • State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Virgin Islands, and the Commonwealth of the Northern Mariana Islands. See 12 CFR 1008.23
  • subpoena: A command to a witness to appear and give testimony.
  • summons: Another word for subpoena used by the criminal justice system.
  • testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • truth in lending act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Unique identifier: means a number or other identifier that:

    (1) Permanently identifies a loan originator. See 12 CFR 1008.23