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Mortgage Glossary of Legal Terms
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Account

CFPB Reg B - Equal Credit Opportunity Act (ECOA)
12 CFR 1002.2 (a)

Account means an extension of credit. When employed in relation to an account, the word use refers only to open-end credit.


 

Act

CFPB Reg B - Equal Credit Opportunity Act (ECOA)
12 CFR 1002.2 (b)

Act means the Equal Credit Opportunity Act (Title VII of the Consumer Credit Protection Act).


 

Act

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.2 (a) (1)

Act means the Truth in Lending Act (15 U.S.C. 1601 et seq.).


 

Act

CFPB Reg C - Home Mortgage Disclosure Act (HMDA)
12 CFR 1003.2

Act means the Home Mortgage Disclosure Act (HMDA) (12 U.S.C. 2801 et seq.,) as amended.


 

Adjustable Rate

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.37 (a) (9) (i) (A)

Adjustable rate. If the interest rate may increase after consummation, but the rates that will apply or the periods for which they will apply are not known at consummation, the creditor shall disclose the loan product as an "Adjustable Rate."


 

Adjustable Rate Mortgage

Homeowners Protection Act (HPA)
12 USC 4901 (1)

The term "adjustable rate mortgage" means a residential mortgage that has an interest rate that is subject to change. A residential mortgage that: (A) does not fully amortize over the term of the obligation; and (B) contains a conditional right to refinance or modify the unamortized principal at the maturity date of the term, shall be considered to be an adjustable rate mortgage for purposes of this chapter.


 

Adjustable-Rate Mortgage

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.18 (s) (7) (i)

The term "adjustable-rate mortgage" means a transaction secured by real property or a dwelling for which the annual percentage rate may increase after consummation.


 

Administrative Or Clerical Tasks

CFPB Reg G - SAFE Act, Federal Registration
12 CFR 1007.102

Administrative or clerical tasks means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the residential mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.


 

Administrative Or Clerical Tasks

CFPB Reg H - SAFE Act, State Registration
12 CFR 1008.23

Administrative or clerical tasks means the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry and communication with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan.


 

Adverse Action

CFPB Reg B - Equal Credit Opportunity Act (ECOA)
12 CFR 1002.2 (c)

Adverse action.

(1) The term means:

(i) A refusal to grant credit in substantially the amount or on substantially the terms requested in an application unless the creditor makes a counteroffer (to grant credit in a different amount or on other terms) and the applicant uses or expressly accepts the credit offered;

(ii) A termination of an account or an unfavorable change in the terms of an account that does not affect all or substantially all of a class of the creditor's accounts; or

(iii) A refusal to increase the amount of credit available to an applicant who has made an application for an increase.

(2) The term does not include:

(i) A change in the terms of an account expressly agreed to by an applicant;

(ii) Any action or forbearance relating to an account taken in connection with inactivity, default, or delinquency as to that account;

(iii) A refusal or failure to authorize an account transaction at point of sale or loan, except when the refusal is a termination or an unfavorable change in the terms of an account that does not affect all or substantially all of a class of the creditor's accounts, or when the refusal is a denial of an application for an increase in the amount of credit available under the account;

(iv) A refusal to extend credit because applicable law prohibits the creditor from extending the credit requested; or

(v) A refusal to extend credit because the creditor does not offer the type of credit or credit plan requested.

(3) An action that falls within the definition of both paragraphs (c)(1) and (c)(2) of this section is governed by paragraph (c)(2) of this section.

(3) An action that falls within the definition of both paragraphs (c)(1) and (c)(2) of this section is governed by paragraph (c)(2) of this section.


 

Advertisement

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.2 (a) (2)

Advertisement means a commercial message in any medium that promotes, directly or indirectly, a credit transaction.


 

Affiliate

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.32 (b) (5)

Affiliate means any company that controls, is controlled by, or is under common control with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. 1841 et seq.).


 

Affiliate

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.42 (d) (5) (iii)

The term "affiliate" has the same meaning as in Regulation Y of the Board of Governors of the Federal Reserve System, 12 CFR 225.2(a).


 

Affiliate Relationship

CFPB Reg X - Real Estate Settlement Procedures Act (RESPA)
12 CFR 1024.15 (c)

Affiliate relationship means the relationship among business entities where one entity has effective control over the other by virtue of a partnership or other agreement or is under common control with the other by a third entity or where an entity is a corporation related to another corporation as parent to subsidiary by an identity of stock ownership.


 

Age

CFPB Reg B - Equal Credit Opportunity Act (ECOA)
12 CFR 1002.2 (d)

Age refers only to the age of natural persons and means the number of fully elapsed years from the date of an applicant's birth.


 

Aggregate (Or) Composite Analysis

CFPB Reg X - Real Estate Settlement Procedures Act (RESPA)
12 CFR 1024.17 (b)

Aggregate (or) composite analysis, hereafter called aggregate analysis, means an accounting method a servicer uses in conducting an escrow account analysis by computing the sufficiency of escrow account funds by analyzing the account as a whole. Appendix E to this part sets forth examples of aggregate escrow account analyses.


 

Aggrieved Person

Fair Housing Act (FHA)
42 USC 3602 (i)

"Aggrieved person" includes any person who -

(1) claims to have been injured by a discriminatory housing practice; or

(2) believes that such person will be injured by a discriminatory housing practice that is about to occur.


 

American Association Of Residential Mortgage Regulators

CFPB Reg H - SAFE Act, State Registration
12 CFR 1008.23

American Association of Residential Mortgage Regulators (AARMR) is the national association of executives and employees of the various states who are charged with the responsibility for administration and regulation of residential mortgage lending, servicing, and brokering, and dedicated to the goals described at www.aarmr.org.


 

Amortization Schedule Then In Effect

Homeowners Protection Act (HPA)
12 USC 4901 (6)

The term "amortization schedule then in effect" means, with respect to an adjustable rate mortgage, a schedule established at the time at which the residential mortgage transaction is consummated or, if such schedule has been changed or recalculated, is the most recent schedule under the terms of the note or mortgage, which shows -

(A) the amount of principal and interest that is due at regular intervals to retire the principal balance and accrued interest over the remaining amortization period of the loan; and

(B) the unpaid balance of the loan after each such scheduled payment is made.


 

Amortizing Loan

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.18 (s) (7) (v)

The term "amortizing loan" means a loan in which payment of the periodic payments does not result in an increase in the principal balance under the terms of the legal obligation; the term "negative amortization" means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation; the term "negative amortization loan" means a loan, other than a reverse mortgage subject to §1026.33, that provides for a minimum periodic payment that covers only a portion of the accrued interest, resulting in negative amortization.


 

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