12 U.S.C. § 2602 : US Code - Section 2602: Definitions

Search 12 U.S.C. § 2602 : US Code - Section 2602: Definitions

For purposes of this chapter -
(1) the term "federally related mortgage loan" includes any
loan (other than temporary financing such as a construction loan)
which -
(A) is secured by a first or subordinate lien on residential
real property (including individual units of condominiums and
cooperatives) designed principally for the occupancy of from
one to four families, including any such secured loan, the
proceeds of which are used to prepay or pay off an existing
loan secured by the same property; and
(B)(i) is made in whole or in part by any lender the deposits
or accounts of which are insured by any agency of the Federal
Government, or is made in whole or in part by any lender which
is regulated by any agency of the Federal Government, or
(ii) is made in whole or in part, or insured, guaranteed,
supplemented, or assisted in any way, by the Secretary or any
other officer or agency of the Federal Government or under or
in connection with a housing or urban development program
administered by the Secretary or a housing or related program
administered by any other such officer or agency; or
(iii) is intended to be sold by the originating lender to the
Federal National Mortgage Association, the Government National
Mortgage Association, the Federal Home Loan Mortgage
Corporation, or a financial institution from which it is to be
purchased by the Federal Home Loan Mortgage Corporation; or
(iv) is made in whole or in part by any "creditor", as
defined in section 1602(f) of title 15, who makes or invests in
residential real estate loans aggregating more than $1,000,000
per year, except that for the purpose of this chapter, the term
"creditor" does not include any agency or instrumentality of
any State;
(2) the term "thing of value" includes any payment, advance,
funds, loan, service, or other consideration;
(3) the term "Settlement services" includes any service
provided in connection with a real estate settlement including,
but not limited to, the following: title searches, title
examinations, the provision of title certificates, title
insurance, services rendered by an attorney, the preparation of
documents, property surveys, the rendering of credit reports or
appraisals, pest and fungus inspections, services rendered by a
real estate agent or broker, the origination of a federally
related mortgage loan (including, but not limited to, the taking
of loan applications, loan processing, and the underwriting and
funding of loans), and the handling of the processing, and
closing or settlement;
(4) the term "title company" means any institution which is
qualified to issue title insurance, directly or through its
agents, and also refers to any duly authorized agent of a title
company;
(5) the term "person" includes individuals, corporations,
associations, partnerships, and trusts;
(6) the term "Secretary" means the Secretary of Housing and
Urban Development;
(7) the term "affiliated business arrangement" means an
arrangement in which (A) a person who is in a position to refer
business incident to or a part of a real estate settlement
service involving a federally related mortgage loan, or an
associate of such person, has either an affiliate relationship
with or a direct or beneficial ownership interest of more than 1
percent in a provider of settlement services; and (B) either of
such persons directly or indirectly refers such business to that
provider or affirmatively influences the selection of that
provider; and
(8) the term "associate" means one who has one or more of the
following relationships with a person in a position to refer
settlement business: (A) a spouse, parent, or child of such
person; (B) a corporation or business entity that controls, is
controlled by, or is under common control with such person; (C)
an employer, officer, director, partner, franchisor, or
franchisee of such person; or (D) anyone who has an agreement,
arrangement, or understanding, with such person, the purpose or
substantial effect of which is to enable the person in a position
to refer settlement business to benefit financially from the
referrals of such business.