Md. Code Regs. 05.19.01.01

Current through Register Vol. 51, No. 24, December 2, 2024

Section 05.19.01.01 - Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Borrower" has the meaning stated in Financial Institutions Article, § 11 "501, Annotated Code of Maryland.

(2) "Department" means the Department of Housing and Community Development, a principal department of the State.

(3) "Homebuyer education or housing counseling" means instruction on preparing for home ownership, shopping for a home, obtaining a mortgage, loan closing, and life as a homeowner.

(4) "Initial application" means when:

(a) An applicant requests that a mortgage loan be made or obtained on the applicant's behalf; and

(b) The person to whom the request was made agrees to begin processing the loan application.

(5) "Lender" has the meaning stated in Commercial Law Article, § 12 "1301, Annotated Code of Maryland.

(6) "Mortgage loan" has the meaning stated in Financial Institutions Article, § 11 "501, Annotated Code of Maryland.

(7) "Owner-occupied residential real property" means real property that is a one- to four-family home occupied or to be occupied by the borrower as the borrower's primary residence.

(8) "Secondary mortgage loan" has the meaning stated in Commercial Law Article, § 12-1301, Annotated Code of Maryland.

Md. Code Regs. 05.19.01.01