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15 Cards in this Set
- Front
- Back
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Affiliate
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a person or group of persons that directly or indirectly controls, is controlled by, or is under common control with another person
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Board
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The mortgage industry advisory board
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Commissioner
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Commissioner of the OFIR of the department of energy, labor, and economic growth or his or her authorized agent
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Contruction loan
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a mortgage loan to contruct a 1-4 family dwelling that is approved and closed vefore completion of the contsruction
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Control person
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A director or executive officer of a licensee or registrant or a person who has the authority to participate in the direction, directly or indirectly through 1 or more other persons, of the management or policies of a licensee or registrant
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Depository Financial Institution
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A state or nationally chartered bank, a state or federally chartered savings and loan association, savings bank or credit union, or an entity of the federally chartered farm credit system
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Dwelling
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Residential structure that contains one to four units whether or not that is attached to real property. "Dwelling" includes an individual condo unite, an individual co-op, mobile home and a trailer if used as a residence.
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Employee
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Individual who meets the following
- has employment relationship acknowledged by that individual and the licensee or registrant that engages that individual to originate mort. loans. - Is treated as an employment relationship acknowledged by that individual and the licensee or registrant that engages that individual to originate mort. loans. |
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Financial Licensing Act
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Refers to the "Consumer Financial Servicers act"
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Firm Commitment
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Underwriting in which Broker/Dealer commits to buy the Mort. Loan or the entire issue of securities based on the backing of 1 or more mortgae loans and assumes all financial responsibility for an unsold securities
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Home Improvement Loan
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Loan secured or unsecured to be used for the purpose of repairing, rehabilitating, or remodeling an existing residential dwelling designed for occupancy by 4 or fewer families, as stated by the borrower in the loan application and as recorded on the books of the credit granting institution.
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Home Improvement Installment Contract
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an agreement of 1 or more documents covering the sale of goods or furnishing of services to a buyer for improvements to the buyer's principal dwelling located in this state used for occupancy of 4 or fewer families under which the buyer promise to pay the installments all or any part of the price of goods and services.
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Individual Investor
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A person that resides in this state or has its principal place of business in this state
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Real Estate Broker
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a broker or associate broker licensed under article 25 of the occupational code
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Loan Officer/Originator
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An individual who is an employee of a mort. broker, Mort. lender, or mort. servicer that takes a residential mortgage loan application.
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