Terms Used In Virginia Code 55.1-902

• Disbursement of loan funds: means the delivery of the loan funds by the lender to the settlement agent in one or more of the following forms:

  1. See Virginia Code 55.1-900

• Lender: means any person regularly engaged in making loans secured by mortgages or deeds of trust on real estate. See Virginia Code 55.1-900
• Loan closing: means the time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs. See Virginia Code 55.1-900
• Loan funds: means the gross or net proceeds of the loan to be disbursed by the lender at loan closing. See Virginia Code 55.1-900
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlement: means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. See Virginia Code 55.1-900
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}