The following terms, when used in this chapter, and in the
Commissioner's administration and enforcement of Finance Code Chapter
159, have the following meanings, unless the context clearly indicates
otherwise:
(1) "Application" means a request, in any form, for
an offer (or a response to a solicitation for an offer) of wrap mortgage
loan terms, and the information about the mortgage applicant that
is customary or necessary in a decision on whether to make such an
offer, including, but not limited to, a mortgage applicant's name,
income, social security number to obtain a credit report, property
address, an estimate of the value of the real estate, and/or the mortgage
loan amount.
(2) "Attorney" has the meaning assigned by Texas Insurance
Code §2501.003.
(3) "Commissioner" means the savings and mortgage lending
commissioner appointed under Finance Code Chapter 13.
(4) "Department" means the Department of Savings and
Mortgage Lending.
(5) "E-Sign Act" refers to the federal Electronic Signatures
in Global and National Commerce Act, 15 U.S.C. §§7001-7006.
(6) "Inspection" includes examination.
(7) "Legal holiday" means the federal legal public
holidays set forth in 5 U.S.C. §6103(a).
(8) "Make a wrap mortgage loan," means when a person
determines the credit decision to provide the wrap mortgage loan,
or the act of funding the wrap mortgage loan or transferring money
to the wrap borrower. A person whose name appears on the loan documents
as the payee of the note is considered to have "made" the wrap mortgage
loan.
(9) "Nationwide Mortgage Licensing System and Registry"
or "NMLS" has the meaning assigned by Finance Code §180.002.
(10) "Residential mortgage loan" has the meaning assigned
by Finance Code §159.001. The term does not include a loan which
is secured by structure that is suitable for occupancy as a dwelling
but is used for a commercial purpose such as a professional office,
salon, or other non-residential use, and is not used as a residence.
(11) "Residential mortgage loan originator" has the
meaning assigned by Finance Code §180.002.
(12) "Residential mortgage loan servicer" has the meaning
assigned by Finance Code §158.002.
(13) "Residential real estate" has the meaning assigned
by Finance Code §159.001. For purposes of Finance Code §159.002(b)(1),
the term does not include "unimproved residential estate," as that
term is defined by Finance Code §159.002(a).
(14) "Superior lien" refers to any lien described by
Finance Code §159.001(7)(A).
(15) "Superior lienholder" means the holder of any
lien described by Finance Code §159.001(7)(A).
(16) "Third-party servicer" means a person other than
the wrap lender acting as residential mortgage loan servicer for a
wrap mortgage loan.
(17) "Title company" means a "title insurance company"
as that term is defined by Texas Insurance Code §2501.003.
(18) "UETA" refers to the Texas Uniform Electronic
Transactions Act, Texas Business & Commerce Code Chapter 322.
(19) "Wrap borrower" has the meaning assigned by Finance
Code §159.001.
(20) "Wrap lender" has the meaning assigned by Finance
Code §159.001.
(21) "Wrap lender registrant" means a wrap lender who
is required to register as a residential mortgage loan servicer under
Finance Code Chapter 158.
(22) "Wrap mortgage applicant" means an applicant for
a wrap mortgage loan or a person who is solicited (or contacts a wrap
lender in response to a solicitation) to obtain a wrap mortgage loan,
and includes a person who has not completed or started completing
a formal loan application on the appropriate form (e.g., Fannie Mae's
Form 1003 Uniform Residential Mortgage Loan Application), but has
submitted financial information constituting an application, as provided
by paragraph (1) of this section.
(23) "Wrap mortgage loan" has the meaning assigned
by Finance Code §159.001.
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