Sec. 302. Definitions
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/bill/115/hr/6746/ih/section-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this title, the following definitions shall apply: With respect to the Exchange, the term affiliate means any entity that controls, is controlled by, or is under common control with, the Exchange. The term Agency means the Federal Housing Finance Agency. The terms Common Securitization Platform and Platform mean the securitization platform first described by the paper issued by the Agency on October 4, 2012, entitled Building a New Infrastructure for the Secondary Mortgage Market , and updated in subsequent documents released by the Agency, including annual strategic plans for the conservatorship of the enterprises and annual conservatorship scorecards.
The term Common Securitization Solutions means Common Securitization Solutions, LLC, the joint venture formed by the enterprises in October 2013, or any successor to Common Securitization Solutions, LLC, that is a joint venture of the enterprises. 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 Exchange means the mortgage security market exchange established under section 311.
The term exchange-affiliated party means— any director, officer, employee or controlling shareholder of, or agent for, the Exchange; any shareholder, affiliate, consultant, or joint venture partner of the Exchange, 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 Exchange; and any independent contractor of the Exchange (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 Exchange.
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 (so long as such security interest has first been recorded or registered under State law to establish the priority of such interest), 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 Exchange. 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 Repository means the national mortgage data repository organized under section 331. The term Transfer Date means the date established under section 315(b). The term Transition Period means the period beginning on the date of the enactment of this Act and ending on the Transfer Date.