Sec. 303. Definitions
495 words·~2 min read·
/bill/113/hr/2767/ih/section-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this subtitle, the following definitions shall apply: With respect to the Utility, the term affiliate means any entity that controls, is controlled by, or is under common control with, the Utility. The term Agency means the Federal Housing Finance Agency. The term depositor means— any person authorized to submit documents or data for registration with the Repository; and any person qualified pursuant to section 331 (relating to organization and operation of the Repository) to inform the Repository of— newly identified interest holders, whether through creation, assignment, or transfer; or changes to interests of existing holders, including through modification, amendment, or restatement of, or discharge related to, any registered mortgage-related document.
The term Director means the Director of the Federal Housing Finance Agency. The term eligible collateral means a residential mortgage loan that meets any standard for mortgage classification established pursuant to section 322 (relating to standards for qualified securities). The term enterprise means— the Federal National Mortgage Association and any affiliate thereof, and the Federal Home Loan Mortgage Corporation and any affiliate thereof. The term mortgage-related document means any document or other information or data related to the use of residential real estate as security for a loan, including documents establishing an obligation to repay a loan secured by residential real estate, establishing a security interest in real estate, establishing the value of the real estate at the time the security interest is created, and insuring clear title to residential real estate pledged as security, or as the Director by regulation may define.
Such documents may include electronic documents. The term organizer means the person or entity that establishes the Utility. The term participant means any person authorized to use data maintained or created by the Repository that is not otherwise available to the public. The term Platform means the securitization infrastructure announced by the Federal Housing Finance Agency on October 4, 2012, and as developed by an enterprise or the enterprises in conservatorship, under authority of the Federal Housing Finance Agency pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.
The term Repository means the national mortgage data repository organized under section 331. The term Utility means the national mortgage market utility established under section 311. The term utility-affiliated party means— any director, officer, employee or controlling stockholder of, or agent for, the Utility; any shareholder, affiliate, consultant, or joint venture partner of the Utility, and any other person, as determined by the Director (by regulation or on a case-by-case basis) that participates in the conduct of the affairs of the Utility; any independent contractor of the Utility (including any attorney, appraiser or accountant) if— the independent contractor knowingly or recklessly participates in any violation of law or regulation, any breach of fiduciary duty or any unsafe or unsound practice; and such violation, breach or practice caused, or is likely to cause, more than a minimal financial loss to, or a significant adverse effect on, the Utility.