138.052 Residential mortgage loans.

157 words·~1 min read·/wi/chapter-138/138-052-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)In this section:

(a)“Contract rate” means the rate contracted to be paid from time to time on the principal of a loan.

(b)“Loan” means a loan secured by a first lien real estate mortgage on, or an equivalent security interest in, a one-family to 4-family dwelling which the borrower uses as his or her principal place of residence and which is made, refinanced, renewed, extended or modified on or after November 1, 1981, but does not include a manufactured home transaction as defined in s. 138.056

(bg).

(c)“Loan administration” means a lender’s processing of a loan and includes review, underwriting and evaluation of the loan application, document processing and preparation and administration of the loan closing, but does not include appraisals, inspections, surveys, credit reports or other activities incidental to loan origination and normally taking place outside the office of the lender or performed by 3rd persons.