(2) Under or in connection with a housing or urban development program administered by the Secretary of HUD or a housing or related program administered by any other officer or agency of the Federal Government (1) By the Secretary of the Department of Housing and Urban Development (HUD) or any other officer or agency of the Federal Government or (B) Is made in whole or in part, or is insured, guaranteed, supplemented, or assisted in any way: (A) Is made in whole or in part by any lender that is either regulated by or whose deposits or accounts are insured by any agency of the Federal Government (ii) For which one of the following paragraphs applies. (B) Located or, following settlement, will be placed using proceeds of the loan, a manufactured home and (A) Located or, following settlement, will be constructed using proceeds of the loan, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit) or (i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property, upon which there is either: (1) Any loan (other than temporary financing, such as a construction loan): In the case of a home equity conversion mortgage or reverse mortgage as referenced in this section, the effective date of transfer is the transfer date agreed upon by the transferee servicer and the transferor servicer. If a dealer is a “creditor” as defined under the definition of “federally related mortgage loan” in this part, the dealer is the lender for purposes of this part.Įffective date of transfer is defined in section 6(i) (1) of RESPA (12 U.S.C. The funding lender is the lender for the purposes of the disclosure requirements of this part. In the case of manufactured home loans, “dealer” means one who engages in the business of manufactured home retail sales.ĭealer loan or dealer consumer credit contract means, generally, any arrangement in which a dealer assists the borrower in obtaining a federally related mortgage loan from the funding lender and then assigns the dealer's legal interests to the funding lender and receives the net proceeds of the loan. (ii) Market price fluctuations by themselves.ĭealer means, in the case of property improvement loans, a seller, contractor, or supplier of goods or services. (i) The borrower's name, the borrower's monthly income, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any information contained in any credit report obtained by the loan originator prior to providing the GFE, unless the information changes or is found to be inaccurate after the GFE has been provided or (2) Changed circumstances do not include: (iv) Other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems. (iii) New information particular to the borrower or transaction that was not relied on in providing the GFE or This may include information about the credit quality of the borrower, the amount of the loan, the estimated value of the property, or any other information that was used in providing the GFE (ii) Information particular to the borrower or transaction that was relied on in providing the GFE and that changes or is found to be inaccurate after the GFE has been provided. (i) Acts of God, war, disaster, or other emergency An application may either be in writing or electronically submitted, including a written record of an oral application.īalloon payment has the same meaning as “balloon payment” under Regulation Z (12 CFR part 1026).īureau means the Bureau of Consumer Financial Protection.īusiness day means a day on which the offices of the business entity are open to the public for carrying on substantially all of the entity's business functions. 2602) are used in accordance with their statutory meaning unless otherwise defined in paragraph (b) of this section or elsewhere in this part.Īpplication means the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower's name, the borrower's monthly income, the borrower's social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator.
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