Sec. 2. Definitions
266 words·~1 min read·
/bill/113/hr/839/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this Act, the following definitions shall apply: The term residential mortgage loan means any consumer credit transaction that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or on residential real property that includes a dwelling, other than a consumer credit transaction under an open end credit plan or an extension of credit relating to a plan described in section 101(53D) of title 11, United States Code.
The term securitization vehicle means a trust, special purpose entity, or other legal structure that is used to facilitate the issuing of securities, participation certificates, or similar instruments backed by or referring to a pool of assets that includes residential mortgage loans (or instruments that are related to residential mortgage loans, such as credit-linked notes). The term servicer has the same meaning as in section 129A of the Truth in Lending Act ( 15 U.S.C. 1639a ), except that such term includes a person who makes or holds a residential mortgage loan (including a pool of residential mortgage loans), if such person also services the loan.
The term short sale means the sale of the dwelling or residential real property that is subject to the mortgage, deed or trust, or other security interest that secures a residential mortgage loan that— will result in proceeds in an amount that is less than the remaining amount due under the mortgage loan; and requires authorization by the securitization vehicle or other investment vehicle or holder of the mortgage loan, or the servicer acting on behalf of such a vehicle or holder.
Connectionstraces to 1
Traces to 1 document