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Mortgage Glossary of Legal Terms
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Annual Escrow Account Statement

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

Annual escrow account statement means a statement containing all of the information set forth in §1024.17(i). As noted in §1024.17(i), a servicer shall submit an annual escrow account statement to the borrower within 30 calendar days of the end of the escrow account computation year, after conducting an escrow account analysis.


 

Annual Renewal Period

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

Annual renewal period means November 1 through December 31 of each year.


 

Applicant

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

Applicant means any person who requests or who has received an extension of credit from a creditor, and includes any person who is or may become contractually liable regarding an extension of credit. For purposes of §1002.7(d), the term includes guarantors, sureties, endorsers, and similar parties.


 

Application

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

Application means a request, in any form, for an offer (or a response to a solicitation of an offer) of residential mortgage loan terms, and the information about the borrower or prospective borrower that is customary or necessary in a decision on whether to make such an offer.


 

Application

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

Application means an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested. The term application does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. A completed application means an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested (including, but not limited to, credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral). The creditor shall exercise reasonable diligence in obtaining such information.


 

Application

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.2 (a) (3)

(i) Application means the submission of a consumer's financial information for the purposes of obtaining an extension of credit.

(ii) For transactions subject to §1026.19(e), (f), or (g) of this part, an application consists of the submission of the consumer's name, the consumer's income, the consumer's social security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought.


 

Application

CFPB Reg X - Real Estate Settlement Procedures Act (RESPA)
12 CFR 1024.2 (b)

Application means the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower's name, the borrower's monthly income, the borrower's social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator. An application may either be in writing or electronically submitted, including a written record of an oral application.


 

Application

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

Application.
(1) In general. Application means an oral or written request for a home purchase loan, a home improvement loan, or a refinancing that is made in accordance with procedures used by a financial institution for the type of credit requested.

(2) Preapproval programs. A request for preapproval for a home purchase loan is an application under this section if the request is reviewed under a program in which the financial institution, after a comprehensive analysis of the creditworthiness of the applicant, issues a written commitment to the applicant valid for a designated period of time to extend a home purchase loan up to a specified amount. The written commitment may not be subject to conditions other than:

(i) Conditions that require the identification of a suitable property;

(ii) Conditions that require that no material change has occurred in the applicant's financial condition or creditworthiness prior to closing; and

(iii) Limited conditions that are not related to the financial condition or creditworthiness of the applicant that the lender ordinarily attaches to a traditional home mortgage application (such as certification of a clear termite inspection).


 

Appraisal Management Company

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.42 (f) (4) (iii)

The term "appraisal management company" means any person authorized to perform one or more of the following actions on behalf of the creditor:

(A) Recruit, select, and retain fee appraisers;(B) Contract with fee appraisers to perform appraisal services;

(C) Manage the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and underwriters, collecting fees from creditors and underwriters for services provided, and compensating fee appraisers for services performed; or

(D) Review and verify the work of fee appraisers.


 

Appraisal Services

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.42 (f) (4) (ii)

The term "appraisal services" means the services required to perform an appraisal, including defining the scope of work, inspecting the property, reviewing necessary and appropriate public and private data sources (for example, multiple listing services, tax assessment records and public land records), developing and rendering an opinion of value, and preparing and submitting the appraisal report.


 

Associate

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

Associate is defined in section 3(8) of RESPA (12 U.S.C. 2602(8)).


 

Average Prime Offer Rate

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.35 (a) (2)

"Average prime offer rate" means an annual percentage rate that is derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage transactions that have low-risk pricing characteristics. The Bureau publishes average prime offer rates for a broad range of types of transactions in a table updated at least weekly as well as the methodology the Bureau uses to derive these rates.


 

Balloon Payment

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.37 (b) (5)

For purposes of this paragraph (b)(5), "balloon payment" means a payment that is more than two times a regular periodic payment. "Balloon payment" includes the payment or payments under a transaction that requires only one or two payments during the loan term.


 

Balloon Payment

CFPB Reg X - Real Estate Settlement Procedures Act (RESPA)
12 CFR 1024.2 (b)

Balloon payment has the same meaning as "balloon payment" under Regulation Z (12 CFR part 1026).


 

Beneficial Ownership

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

Beneficial ownership means the effective ownership of an interest in a provider of settlement services or the right to use and control the ownership interest involved even though legal ownership or title may be held in another person's name.


 

Billing Cycle

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.2 (a) (4)

Billing cycle or cycle means the interval between the days or dates of regular periodic statements. These intervals shall be equal and no longer than a quarter of a year. An interval will be considered equal if the number of days in the cycle does not vary more than four days from the regular day or date of the periodic statement.


 

Billing Error

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.13 (a)

For purposes of this section, the term billing error means:

(1) A reflection on or with a periodic statement of an extension of credit that is not made to the consumer or to a person who has actual, implied, or apparent authority to use the consumer's credit card or open-end credit plan.

(2) A reflection on or with a periodic statement of an extension of credit that is not identified in accordance with the requirements of §§1026.7(a)(2) or (b)(2), as applicable, and 1026.8.

(3) A reflection on or with a periodic statement of an extension of credit for property or services not accepted by the consumer or the consumer's designee, or not delivered to the consumer or the consumer's designee as agreed.

(4) A reflection on a periodic statement of the creditor's failure to credit properly a payment or other credit issued to the consumer's account.

(5) A reflection on a periodic statement of a computational or similar error of an accounting nature that is made by the creditor.

(6) A reflection on a periodic statement of an extension of credit for which the consumer requests additional clarification, including documentary evidence.

(7) The creditor's failure to mail or deliver a periodic statement to the consumer's last known address if that address was received by the creditor, in writing, at least 20 days before the end of the billing cycle for which the statement was required.


 

Billing Error Notice

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.13 (b)

A billing error notice is a written notice from a consumer that:

(1) Is received by a creditor at the address disclosed under §1026.7(a)(9) or (b)(9), as applicable, no later than 60 days after the creditor transmitted the first periodic statement that reflects the alleged billing error;

(2) Enables the creditor to identify the consumer's name and account number; and

(3) To the extent possible, indicates the consumer's belief and the reasons for the belief that a billing error exists, and the type, date, and amount of the error.


 

Bona Fide Discount Point

CFPB Reg Z - Truth in Lending Act (TILA)
12 CFR 1026.32 (b) (3)

Bona fide discount point -

(i) Closed-end credit. The term bona fide discount point means an amount equal to 1 percent of the loan amount paid by the consumer that reduces the interest rate or time-price differential applicable to the transaction based on a calculation that is consistent with established industry practices for determining the amount of reduction in the interest rate or time-price differential appropriate for the amount of discount points paid by the consumer.

(ii) Open-end credit. The term bona fide discount point means an amount equal to 1 percent of the credit limit for the plan when the account is opened, paid by the consumer, and that reduces the interest rate or time-price differential applicable to the transaction based on a calculation that is consistent with established industry practices for determining the amount of reduction in the interest rate or time-price differential appropriate for the amount of discount points paid by the consumer. See comment 32(b)(3)(i)-1 for additional guidance in determining whether a discount point is bona fide.


 

Branch Office

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

Branch office means:

(1) Any office of a bank, savings association, or credit union that is approved as a branch by a Federal or state supervisory agency, but excludes free-standing electronic terminals such as automated teller machines; and

(2) Any office of a for-profit mortgage-lending institution (other than a bank, savings association, or credit union) that takes applications from the public for home purchase loans, home improvement loans, or refinancings. A for-profit mortgage-lending institution is also deemed to have a branch office in an MSA or in a Metropolitan Division, if, in the preceding calendar year, it received applications for, originated, or purchased five or more home purchase loans, home improvement loans, or refinancings related to property located in that MSA or Metropolitan Division, respectively.


 

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