§ 44.1. Definitions.

 The following words and terms, when used in this chapter, have the following meanings unless the context clearly indicates otherwise:

   Act—The Mortgage Bankers and Brokers and Consumer Equity Protection Act (63 P. S. § §  456.101—456.3101).

   Annual renewal date—July 1 of each calendar year.

   Annual renewal period—The licensing term commencing July 1 of 1-calendar year and ending on June 30 of the following calendar year.

   Continuing education program—

     (i)   An educational program as required by section 304(e) of the act (63 P. S. §  456.304(e)) which contributes directly to the enhancement of the professional competence of a mortgage professional to engage in the first mortgage loan business.

     (ii)   The term does not include programs which instruct in matters such as office or business management, personnel management or similar subjects not directly related to the first mortgage loan business.

   Continuing education provider—A provider of a continuing education program that has been approved by the Department.

   Credit hour—Sixty minutes of classroom instruction or the equivalent as determined by the Department.

   First mortgage loan business—The first mortgage loan business as defined in section 302 of the act (63 P. S. §  456.302).

   Instructor—An individual responsible for teaching a continuing education program that has been approved by the Department.

   Licensee—A person licensed under the act.

   Limited mortgage broker—A limited mortgage broker as defined in section 302 of the act.

   Loan correspondent—A loan correspondent as defined in section 302 of the act.

   Mortgage banker—A mortgage banker as defined in section 302 of the act.

   Mortgage broker—A mortgage broker as defined in section 302 of the act.

   Mortgage professional—

     (i)   A manager of each licensed office maintained by a licensee; any owner, director, officer or W-2 employee of a licensee who has the authority to underwrite or approve loans, either individually or in combination with other individuals as members of a committee; or any owner, director, officer or W-2 employee of a licensee who, as part of his official duties, directly contacts borrowers to present, negotiate or advise regarding loan terms.

     (ii)   A mortgage professional does not include any individual who engages solely in processing loan applications or other administrative or clerical functions, or both.

   Person—A person as defined in section 302 of the act.