(a) Any certificate of registration or registration certificate issued by the commissioner under the former provisions of this chapter and outstanding on July 31, 2009, is not renewable, but shall remain valid until and expire on December 31, 2009, unless such authority is extended as provided in subsection (b) or subsection (c), as applicable. Any mortgage lender, mortgage loan broker or mortgage loan servicer holding a certificate of registration shall be considered to hold a license and shall be subject to this chapter as a licensee, except that such persons shall not be required to comply with any of the requirements pertaining to eligibility for a license that were not applicable to their qualification for a certificate, until such time as they are issued a license under this chapter. Any mortgage loan originator holding a valid registration certificate shall be subject to the prohibitions and enforcement mechanisms of this chapter, as well as to investigation and examination under this chapter, including the fingerprint background check provisions under § 45-13-302(f).
Terms Used In Tennessee Code 45-13-106
Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
License: means a license issued to a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator under this chapter, as applicable. See Tennessee Code 45-13-105
Licensee: means a person to whom a license has been issued under this chapter, whether a mortgage lender, mortgage loan broker, mortgage loan servicer or mortgage loan originator, as applicable, but "licensee" also applies to any person holding a certificate of registration on July 31, 2009, for so long as the certificate is still valid. See Tennessee Code 45-13-105
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage lender: means any person who makes a residential mortgage loan or holds the person out as able to make a residential mortgage loan. See Tennessee Code 45-13-105
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
Mortgage loan broker: means any person who for compensation or other gain, paid directly or indirectly, or in expectation of compensation or other gain, solicits, places, negotiates or originates a residential mortgage loan for another person or offers to solicit, place, negotiate or originate a residential mortgage loan for another person or who closes a residential mortgage loan that may be in the mortgage loan broker's own name with funds provided by another person and which loan is thereafter assigned to the person providing the funding of the loan, regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail or in person with the borrower or borrowers or potential borrower or borrowers. See Tennessee Code 45-13-105
Mortgage loan servicer: means any person who, in the regular course of business, assumes responsibility for servicing and accepting payments for a residential mortgage loan. See Tennessee Code 45-13-105
Nationwide Mortgage Licensing System and Registry: means 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 loan originators. See Tennessee Code 45-13-105
Origination services: means the activities of a mortgage loan originator performed with regard to a residential mortgage loan. See Tennessee Code 45-13-105
Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105
(b) A mortgage lender, mortgage loan broker or mortgage loan servicer holding a valid certificate of registration may extend the authority of their certificate; provided, that they have transitioned to the Nationwide Mortgage Licensing System and Registry by any deadline established by the commissioner, by filing on or before December 31, 2009, a licensure renewal application under § 45-13-203(c), including the requisite surety bond and renewal fee [now “supervision fee”. See Compiler’s Notes]. If the renewal application is complete and timely filed, the person shall be authorized to continue to act as a mortgage lender, mortgage loan broker or mortgage loan servicer until such time as the commissioner has acted on the person’s renewal application. If the renewal application is not complete and timely filed, the person’s certificate of registration shall expire without further notice or process on December 31, 2009. If the application for a license is approved, the license shall be issued for calendar year 2010.(c) A mortgage loan originator holding a valid registration certificate may extend the authority of the certificate past December 31, 2009, by filing between November 1, 2009, and December 31, 2009, an application for a license under part 3 of this chapter through the Nationwide Mortgage Licensing System and Registry, paying all licensing fees and submitting fingerprints for a criminal background check. If the filing of the application, payment of licensing fees and submission of fingerprints is timely accomplished, the registration certificate shall remain valid until such time as the commissioner has acted on the licensure application, but in no event shall the certificate be valid after July 30, 2010. If the licensure application is approved, the license shall be issued for calendar year 2010. Any mortgage loan originator timely filing a licensure application under this subsection (c) shall be considered to be sponsored for purposes of part 3 of this chapter by the mortgage lender or mortgage loan broker named in the registration certificate upon any successive licensure. If a mortgage loan originator does not timely comply with the licensure application requirements of this subsection (c), the registration certificate shall expire without further notice or process on December 31, 2009. A mortgage loan originator holding a valid registration certificate under this subsection (c) shall not be in violation of the licensing requirements under part 3 of this chapter for origination services performed for or on behalf of the mortgage lender or mortgage loan broker named in the certificate; provided, however, that the registration certificate shall expire without further notice or process if the mortgage loan originator provides origination services for a person other than the one named in the registration certificate.
