Texas Finance Code 157.002 – Definitions
Terms Used In Texas Finance Code 157.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
In this chapter:
(1) “Commissioner” means the savings and mortgage lending commissioner.
(2) “Disciplinary action” means any order by the commissioner that requires one or more of the following:
(A) suspension or revocation of a residential mortgage loan originator license under this chapter;
(B) probation of a suspension or revocation of a residential mortgage loan originator license under this chapter on terms and conditions that the commissioner determines appropriate;
(C) a reprimand of a person with a residential mortgage loan originator license under this chapter; or
(D) an administrative penalty imposed on a person holding a residential mortgage loan originator license under this chapter.
(3) “Finance commission” means the Finance Commission of Texas.
(3-a) “Inspection” includes examination.
(4) “Mortgage banker” means a person who:
(A) accepts an application for a residential mortgage loan, makes a residential mortgage loan, or services residential mortgage loans; and
(B) is an approved or authorized:
(i) mortgagee with direct endorsement underwriting authority granted by the United States Department of Housing and Urban Development;
(ii) seller or servicer of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; or
(iii) issuer for the Government National Mortgage Association.
(4-a) “Nationwide Mortgage Licensing System and Registry” has the meaning assigned by § 180.002.
(4-b) “Recovery fund” means the fund established and maintained by the commissioner under Subchapter F, Chapter 156, and § 13.016.
(5) “Residential mortgage loan” has the meaning assigned by § 180.002.
(5-a) “Residential mortgage loan company” has the meaning assigned by § 156.002.
(6) “Residential mortgage loan originator” has the meaning assigned by § 180.002.