Sec. 36a-705. (Formerly Sec. 36-442). Definitions.
227 words·~1 min read·
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As used in this section and sections 36a-706 , 36a-707 and 36a-708 , unless the context otherwise requires:
(1)“First mortgage loan” means “first mortgage loan”, as defined in section 36a-485 ;
(2)“Mortgage broker” means a “mortgage broker”, as defined in section 36a-485 , who is licensed or required to be licensed under sections 36a-485 to 36a-498a , inclusive;
(3)“Mortgage lender” means a “mortgage lender” or “mortgage correspondent lender”, as defined in section 36a-485 , who is required to be licensed under sections 36a-485 to 36a-498a , inclusive, except that the term shall include a bank, out-of-state bank, Connecticut credit union, federal credit union and out-of-state credit union; and
(4)“Mortgage rate lock-in” means a written or electronically transmitted confirmation issued to a mortgage applicant or the representative of such applicant by a mortgage lender or mortgage correspondent lender or the mortgage lender's or mortgage correspondent lender's representative, prior to the issuance of a first mortgage loan commitment, stating that a particular rate, number of points or variable rate terms will be the rate, number of points, or variable rate terms at which the mortgage lender or mortgage correspondent lender will make the loan, provided the first mortgage loan is closed by a specified date, and the applicant qualifies for the loan in accordance with the mortgage lender's or mortgage correspondent lender's standards of creditworthiness.