Texas Finance Code 158.002 – Definitions
Terms Used In Texas Finance Code 158.002
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
In this chapter:
(1) “Commissioner” means the savings and mortgage lending commissioner.
(2) “Finance commission” means the Finance Commission of Texas.
(3) “Person” means an individual, corporation, company, limited liability company, partnership, or association.
(4) “Registrant” means a person registered under this chapter.
(5) “Residential mortgage loan” means a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real estate.
(6) “Residential mortgage loan servicer” means a person who:
(A) receives scheduled payments from a borrower under the terms of a residential mortgage loan, including amounts for escrow accounts; and
(B) makes the payments of principal and interest to the owner of the loan or other third party and makes any other payments with respect to the amounts received from the borrower as may be required under the terms of the servicing loan document or servicing contract.
(7) “Residential real estate” means real property located in this state on which a dwelling designed for occupancy for one to four families is constructed or intended to be constructed.