Terms Used In Montana Code 32-9-150

• Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-103
• Licensee: means a person authorized pursuant to this part to engage in activities regulated by this part. See Montana Code 32-9-103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a consensual interest in real property located in Montana, including improvements, securing a debt evidenced by a mortgage, trust indenture, deed of trust, or other lien on real property. See Montana Code 32-9-103
• Mortgage broker: means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration or holds itself out as being able to assist a person in obtaining a mortgage loan. See Montana Code 32-9-103
• Mortgage lender: means an entity that closes a residential mortgage loan, advances funds, offers to advance funds, commits to advancing funds for a mortgage loan applicant, or holds itself out as being able to perform any of those functions. See Montana Code 32-9-103
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:

  (i)takes a residential mortgage loan application; or

  (ii)offers or negotiates terms of a residential mortgage loan. See Montana Code 32-9-103

• Mortgage servicer: means an entity that:

  (a)for forward mortgages:

  (i)engages, for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payment from a borrower pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents, or a residential mortgage servicing contract;

  (ii)meets the definition of servicer in 12 U. See Montana Code 32-9-103

• NMLS: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the registration and licensing of persons providing nondepository financial services. See Montana Code 32-9-103
• Unique identifier: means a number or other identifier assigned by protocols established by the NMLS. See Montana Code 32-9-103