Terms Used In Hawaii Revised Statutes 466L-5

• Appraisal: A determination of property value.
• Appraisal management company: means a person that:

  (1) Provides appraisal management services to creditors or secondary mortgage market participants, including affiliates;

  (2) Provides appraisal management services in connection with valuing a consumer's principal dwelling as security for a consumer credit transaction or incorporating these transactions into securitizations; and

  (3) Within a twelve-month calendar year, beginning January 1 of each year and ending on December 31 of each year, oversees an appraiser panel of more than fifteen state-certified or state-licensed appraisers in a state or twenty-five or more state-certified or state-licensed appraisers in two or more states, as described in section 466L-5. See Hawaii Revised Statutes 466L-2

• appraiser panel: include :

  (1) Appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions; and

  (2) Appraisers engaged by the appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. See Hawaii Revised Statutes 466L-2

• Creditor: means a person who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments (not including a down payment) and to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract. See Hawaii Revised Statutes 466L-2
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Secondary mortgage market participant: means a guarantor or insurer of mortgage-backed securities or an underwriter or issuer of mortgage-backed securities. See Hawaii Revised Statutes 466L-2