§ 2424.995. Principal (HUD supplement to governmentwide definition at 2 CFR 180.995).
227 words·~1 min read·
/us/cfr/t2/s§ 2424.995·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A person who has a critical influence on, or substantive control over, a covered transaction, whether or not employed by the participant. Persons who have a critical influence on, or substantive control over, a covered transaction may include, but are not limited to:
(a)Loan officers;
(b)Staff appraisers and inspectors;
(c)Underwriters;
(d)Bonding companies;
(e)Borrowers under programs financed by HUD or with loans guaranteed, insured, or subsidized through HUD programs;
(f)Purchasers of properties with HUD-insured or Secretary-held mortgages;
(g)Recipients under HUD assistance agreements;
(h)Ultimate beneficiaries of HUD programs;
(i)Fee appraisers and inspectors;
(j)Real estate agents and brokers;
(k)Management and marketing agents;
(l)Accountants, consultants, investment bankers, architects, engineers, and attorneys who are in a business relationship with participants in connection with a covered transaction under a HUD program;
(m)Contractors involved in the construction or rehabilitation of properties financed by HUD, with HUD-insured loans or acquired properties, including properties held by HUD as mortgagee-in-possession;
(n)Closing agents;
(o)Turnkey developers of projects financed by or with financing insured by HUD;
(p)Title companies;
(q)Escrow agents;
(r)Project owners;
(s)Administrators of hospitals, nursing homes, and projects for the elderly financed or insured by HUD; and
(t)Developers, sellers, or owners of property financed with loans insured under Title I or Title II of the National Housing Act.