The following terms, when used in this subchapter, 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 residential
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) "Claimant" means a mortgage applicant making or
seeking to make a claim on the recovery fund in accordance with Finance
Code §156.504.
(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) "Mortgage applicant" means an applicant for a residential
mortgage loan or a person who is solicited (or contacts an originator
in response to a solicitation) to obtain a residential 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 Loan Application), but has submitted
financial information constituting an application as provided by paragraph
(1) of this section.
(6) "Originator" has the meaning assigned by Finance
Code §180.002 in defining the term "residential mortgage loan
originator."
(7) "Recovery fund" means the fund the Commissioner
is required to establish, administer, and maintain in accordance with
Finance Code §13.016 and Chapter 156, Subchapter F.
(8) "Residential mortgage loan" has the meaning assigned
by Finance Code §180.002 and includes new loans and renewals,
extensions, modifications, and rearrangements of such loans. The term
does not include a loan which is secured by a 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 residence.
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