Section 3 AAC 14.990 - Definitions(a) In this chapter, unless the context requires otherwise, (1) "branch manager" means an individual who is in charge of and responsible for the business operations of a branch office of a mortgage licensee;(2) "business entity" (A) means a form of business ownership other than a natural person; and(B) includes a corporation, limited liability company, partnership, limited partnership, limited liability partnership, and trust;(3) "Form MU1" means the uniform mortgage lender and mortgage broker license application developed and used by the registry;(4) "Form MU2" means the uniform mortgage biographical statement and consent form developed and used by the registry;(5) "Form MU3" means the uniform mortgage branch office form developed and used by the registry;(6) "Form MU4" means the uniform individual mortgage license, registration, and consent form developed and used by the registry;(7) "other trade name" means a name other than the legal name of a business entity;(9) "registered agent" means a person located in this state and appointed to accept service of process.(10) "mortgage loan originator's home" means the current residential address as listed on the mortgage loan originator's Form MU4.(b) In AS 06.60 and this chapter, unless the context requires otherwise, (1) "advertising" means making or permitting to be made any oral, written, graphic, or pictorial statements, in any manner, whether in print, aurally, or by electronic means, in the course of the solicitation of business;(2) "branch office" means a location separate from main address on the Form MU1 where one or more persons are authorized to act on behalf of a mortgage licensee to perform activities for which a license is required under AS 06.60;(3) "change in control" means a change in the identity of a person holding a control interest in the mortgage licensee;(4) "closing" means the process of executing legally binding documents regarding a lien on real property that is subject to a mortgage loan;(5) "loan application" means the Uniform Residential Loan Application, Fannie Mae Form 1003, Freddie Mac Form 65, any successor form, or any other similar form or document, whether standardized or unique, used to collect mortgage loan qualification information;(6) "principal place of business" means the location of the main address listed on the Form MU1.(7) "report of condition" means a quarterly mortgage call report as required by the registry.(8) "registry" means the Nationwide Multistate Licensing System and Registry (NMLS), previously known as the Nationwide Mortgage Licensing System and Registry, a licensing system owned and operated by the State Regulatory Registry, LLC, for the licensing and registration of persons in the mortgage and other financial services industries. 3 AAC 14.990 is amended by adding a new subsection to read:(c) In AS 06.60.015(b)(4)(F)(i), "the loan does not have a payment schedule that results in negative amortization" means(1) the loan is fiilly amortized and each payment includes principal and interest to fulfill the loan obligation without a balloon payment; (2) during the term of the loan the outstanding principal balance decreases; (3) the loan has equal monthly payments during the term of the loan except for the last payment; and (4) the last payment of the loan is equal to or less than the monthly payment.Eff. 7/1/2008, Register 186; am 7/24/2009, Register 191; am 12/13/2009, Register 192; am 12/4/2010, Register 196; am 1/1/2017, Register 220, January 2017; am 2/6/2020, Register 233, April 2020Authority:AS 06.60.010
AS 06.60.015
AS 06.60.016
AS 06.60.910
AS 06.60.990