Section 51.501 - DefinitionsThe following terms, when used in this subchapter, 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 residential 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) "Claimant" means a mortgage applicant making or seeking to make a claim on the Mortgage Grant Fund in accordance with Finance Code § 156.555.(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) "Mortgage applicant" means an applicant for a residential mortgage loan or a person who is solicited (or contacts an originator or an individual acting or attempting to act in the capacity of an originator in response to a solicitation) to obtain a residential 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 Loan Application), but has submitted financial information constituting an application as provided by paragraph (1) of this section.(6) "Mortgage Grant Fund" means the fund the Commissioner is required to establish, administer, and maintain in accordance with Finance Code Chapter 156, Subchapter G.(7) "Originator" has the meaning assigned by Finance Code § RSA 180.002 in defining the term "residential mortgage loan originator."(8) "Recovery fund" means the fund the Commissioner is required to establish, administer, and maintain in accordance with Finance Code § RSA 13.016 and Finance Code Chapter 56, Subchapter F.(9) "Residential mortgage loan" has the meaning assigned by Finance Code § RSA 180.002 and includes new loans and renewals, extensions, modifications, and rearrangements of such loans. The term does not include a loan which is secured by a 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 residence.7 Tex. Admin. Code § 51.501
Adopted by Texas Register, Volume 47, Number 27, July 8, 2022, TexReg 3966, eff. 7/14/2022