§ 14-118.11. Definitions.
271 words·~1 min read·
/nc/chapter-14/14-118-11A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 14-118.11. Definitions.
Unless otherwise provided in this Article, the following definitions apply in this Article:
(1)Mortgage lending process. - The process through which a person seeks or obtains a mortgage loan including solicitation, application, origination, negotiation of terms, underwriting, signing, closing, and funding of a mortgage loan and services provided incident to a mortgage loan, including the appraisal of the residential real property. Documents involved in the mortgage lending process include
(i)uniform residential loan applications or other loan applications,
(ii)appraisal reports,
(iii)settlement statements,
(iv)supporting personal documentation for loan applications, including W-2 or other earnings or income statements, verifications of rent, income, and employment, bank statements, tax returns, and payroll stubs, and
(v)any required mortgage-related disclosures.
(2)Mortgage loan. - A loan primarily secured by either
(i)a mortgage or a deed of trust on residential real property or
(ii)a security interest in a manufactured home (as defined by G.S. 143-145(7)) located or to be located on residential real property.
(3)Pattern of residential mortgage fraud. - Residential mortgage fraud that involves five or more mortgage loans, which have the same or similar intents, results, accomplices, victims, or methods of commission or otherwise are interrelated by distinguishing characteristics.
(4)Person. - An individual, partnership, limited liability company, limited partnership, corporation, association, or other entity, however organized.
(5)Residential real property. - Real property located in the State of North Carolina upon which there is located or is to be located a structure or structures designed principally for residential purposes, including, but not limited to, individual units of townhouses, condominiums, and cooperatives. (2007-163, s. 1.)