Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 4 - DEPARTMENT OF SAVINGS AND MORTGAGE LENDING › Chapter 78 - WRAP MORTGAGE LOANS › Subchapter A - GENERAL PROVISIONS › Section 78.2 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
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 §
										RSA
				  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,
				  RSA
				  7001-RSA
				  7006.
(6) "Inspection" includes
				  examination.
(7) "Legal holiday"
				  means the federal legal public holidays set forth in
				  RSA
				  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 §
										RSA
				  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 §
										RSA
				  180.002.
(12) "Residential mortgage loan servicer" has
				  the meaning assigned by Finance Code §
										RSA
				  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 §
										RSA
				  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.