Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 53.00 - Determination And Documentation Of Borrower's Interest › Section 53.02 - Definitions

Current through Register 1525, July 5, 2024
For the purposes of
				209 CMR 53.00, the following
				definitions apply:
Borrower
, a natural person who seeks
				or acquires a home loan for personal, family, or household use. Borrower does
				not include a Cosigner.
Commissioner
, the commissioner of
				banks.
Cosigner
:
(a) A natural person who assumes liability for the obligation
				of a borrower without receiving goods, services, or money in return for the
				obligation.
(b) Cosigner includes any natural person whose signature is
				requested as a condition to granting a home loan to a borrower. The term does
				not include a spouse whose signature is required in a home loan transaction to
				perfect a security interest pursuant to state law.
(c) A natural person who meets the definition in 209 CMR 53.02:
Cosigner
, is a cosigner whether or not the person is
				designated as such on the credit obligation.
Home Loan
, a loan, other than a
				reverse mortgage transaction, in which:
(a) the borrower is a natural person;
(b) the debt is incurred by the borrower primarily for
				personal, family or household purposes; and
(c) the debt is secured by a mortgage on real estate improved
				with a dwelling designed to be occupied by not more than four families and
				occupied or to be occupied in whole or in part by the borrower.
Home loan does not include a loan with a maturity of less than
				one year, if the purpose of the loan is a "bridge" loan connected with the
				acquisition or construction of a dwelling intended to become the borrower's
				principal dwelling.
Lender
, any association or corporation
				chartered by the Commonwealth under the provisions of M.G.L. chs. 168, 170,
				171, or 172 or by similar authority of any state of the United States other
				than the Commonwealth; a national banking association, savings and loan
				association or savings bank which exists by authority of the United States; a
				credit union organized under the provisions of the Federal Credit Union Act; a
				mortgage lender licensed under M.G.L. c. 255E, § 2; or any other
				mortgagee.
Obligation
, an agreement between a
				borrower and a lender.
Qualified Mortgage
, a covered
				transaction pursuant to
				12 CFR
				1026.43(b)(1) which meets
				the specifications of
				12 CFR
				1026.43(e)(1)(i).
Refinancing
, making a home loan, the
				proceeds of which are used to pay off all or part of an existing home loan. The
				new home loan may also be used to pay off other debts of the borrower. However,
				if the proceeds of the new home loan are used to pay off all or part of an
				existing home loan that was consummated more than 60 months prior to the
				lender's receipt of an application for a new home loan as well as to pay off
				other debts of the borrower incurred within the 60 months prior to the lender's
				receipt of the application, the new home loan shall not be held to be a
Refinancing
subject to the provisions of M.G.L. c.
				183, § 28C and
				209 CMR
				53.00.