Section 4995 Of Division 1.10. Higher-priced Mortgage Loans From California Financial Code >> Division 1.10.
4995
. The following definitions shall apply for purposes of this
division:
(a) "Higher-priced mortgage loan" has the meaning set forth in
Section 1026.35 of Title 12 of the Code of Federal Regulations.
(b) "Licensed person" means a real estate broker licensed under
the Real Estate Law (Part 1 (commencing with Section 10000) of
Division 4 of the Business and Professions Code), a finance lender or
broker licensed under the California Finance Lenders Law (Division 9
(commencing with Section 22000)), a residential mortgage lender
licensed under the California Residential Mortgage Lending Act
(Division 20 (commencing with Section 50000)), a commercial or
industrial bank organized under the Banking Law (Division 1.1
(commencing with Section 1000)), a savings association organized
under the Savings Association Law (Division 2 (commencing with
Section 5000)), and a credit union organized under the California
Credit Union Law (Division 5 (commencing with Section 14000)).
(c) "Mortgage broker" means a licensed person who provides
mortgage brokerage services. For purposes of this division, a
licensed person who makes home loans is a "mortgage broker," and
subject to the requirements of this division applicable to mortgage
brokers, only with respect to transactions in which the licensed
person provides mortgage brokerage services.
(d) "Mortgage brokerage services" means arranging or attempting to
arrange, as exclusive agent for the borrower or as dual agent for
the borrower and lender, for compensation or in expectation of
compensation, paid directly or indirectly, a higher-priced mortgage
loan made by an unaffiliated third party.