Section 7113 - Definitions(a) "Commitment" as used in these regulations means a promise by a financial institution as part of a contractual agreement to purchase loans which are originated, financed, and closed in accordance with criteria established by said financial institution.(b) "Mortgage banker" means a person, partnership, corporation or other business entity engaged in the business of mortgage banking.(c) "Mortgage banking" is the originating, financing, and closing of loans on real property and the selling of the loans to permanent institutional investors.(d) "Permanent institutional investors" means a person, partnership, corporation or other business entity which purchases loans for investment and not for resale.Cal. Code Regs. Tit. 21, § 7113
Note: Authority cited: Section 35814, Health and Safety Code. Reference: Sections 35810- 35815, Health and Safety Code.