In this part:
(a) Act means the Home Mortgage Disclosure Act (HMDA) (12
U.S.C. 2801 et seq.), as amended.
(b) Application.
(1) In general. Application means an oral or written request for a covered loan that is
made in accordance with procedures used by a financial institution
for the type of credit requested.
(2) Preapproval
programs. A request for preapproval for a home purchase loan,
other than a home purchase loan that will be an open-end line of credit,
a reverse mortgage, or secured by a multifamily dwelling, is an application
under this section if the request is reviewed under a program in which
the financial institution, after a comprehensive analysis of the creditworthiness
of the applicant, issues a written commitment to the applicant valid
for a designated period of time to extend a home purchase loan up
to a specified amount. The written commitment may not be subject to
conditions other than:
(i) Conditions that require the identification
of a suitable property;
(ii) Conditions that require that no material change has occurred
in the applicant’s financial condition or creditworthiness prior to
closing; and
(iii)
Limited conditions that are not related to the financial condition
or creditworthiness of the applicant that the financial institution
ordinarily attaches to a traditional home mortgage application.
(c) Branch office means:
(1) Any office of a bank, savings association,
or credit union that is considered a branch by the Federal or State
supervisory agency applicable to that institution, excluding automated
teller machines and other free-standing electronic terminals; and
(2) Any office of a for-profit
mortgage-lending institution (other than a bank, savings association,
or credit union) that takes applications from the public for covered
loans. A for-profit mortgage-lending institution (other than a bank,
savings association, or credit union) is also deemed to have a branch
office in an MSA or in an MD, if, in the preceding calendar year,
it received applications for, originated, or purchased five or more
covered loans related to property located in that MSA or MD, respectively.
(d) Closed-end mortgage loan means
an extension of credit that is secured by a lien on a dwelling and
that is not an open-end line of credit under paragraph (o) of this
section.
(e) Covered loan means a closed-end
mortgage loan or an open-end line of credit that is not an excluded
transaction under section 1003.3(c).
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(f) Dwelling means a residential structure, whether or not attached to real property.
The term includes but is not limited to a detached home, an individual
condominium or cooperative unit, a manufactured home or other factory-built
home, or a multifamily residential structure or community.
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(g) Financial institution means a depository financial institution
or a nondepository financial institution, where:
(1) Depository financial institution means a bank, savings association, or credit union that:
(i) On
the preceding December 31 had assets in excess of the asset threshold
established and published annually by the Bureau for coverage by the
Act, based on the year-to-year change in the average of the Consumer
Price Index for Urban Wage Earners and Clerical Workers, not seasonally
adjusted, for each twelve month period ending in November, with rounding
to the nearest million;
*(ii) On the
preceding December 31, had a home or branch office in an MSA;
(iii) In the preceding
calendar year, originated at least one home purchase loan or refinancing
of a home purchase loan, secured by a first lien on a one- to four-unit
dwelling;
(iv) Meets
one or more of the following two criteria:
(A) The institution
is federally insured or regulated; or
(B) Any loan referred to in paragraph (g)(1)(iii)
of this section was insured, guaranteed, or supplemented by a Federal agency,
or was intended by the institution for sale to the Federal National
Mortgage Association or the Federal Home Loan Mortgage Corporation;
and
(v) Meets at least one of the following criteria:
(A) In each of
the two preceding calendar years, originated at least 25 closed-end
mortgage loans that are not excluded from this part pursuant to section
1003.3(c)(1) through (10) or (c)(13); or
(B) In each of the two preceding calendar
years, originated at least 200 open-end lines of credit that are not
excluded from this part pursuant to section 1003.3(c)(1) through (10);
and
(2) Nondepository financial institution means a for-profit mortgage-lending institution (other than a bank,
savings association, or credit union) that:
(i) On the preceding
December 31, had a home or branch office in an MSA; and
(ii) Meets at least one
of the following criteria:
(A) In each of the two preceding calendar
years, originated at least 25 closed-end mortgage loans that are not
excluded from this part pursuant to section 1003.3(c)(1) through (10)
or (c)(13); or
(B) In
each of the two preceding calendar years, originated at least 200
open-end lines of credit that are not excluded from this part pursuant
to section 1003.3(c)(1) through (10).
(h) [Reserved]
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(i) Home
improvement loan means a closed-end mortgage loan or an open-end
line of credit that is for the purpose, in whole or in part, of repairing,
rehabilitating, remodeling, or improving a dwelling or the real property
on which the dwelling is located.
(j) Home
purchase loan means a closed-end mortgage loan or an open-end
line of credit that is for the purpose, in whole or in part, of purchasing
a dwelling.
(k) Loan/Application Register means both the record of information required to be collected pursuant
to section 1003.4 and the record submitted annually or quarterly,
as applicable, pursuant to section 1003.5(a).
(l) Manufactured home means any residential structure
as defined under regulations of the U.S. Department of Housing and
Urban Development establishing manufactured home construction and
safety standards (24 CFR 3280.2). For purposes of section 1003.4(a)(5),
the term also includes a multifamily dwelling that is a manufactured
home community.
(m) Metropolitan Statistical
Area (MSA) and Metropolitan Division (MD).
(1) Metropolitan Statistical Area or MSA means a Metropolitan Statistical Area as defined by
the U.S. Office of Management and Budget.
(2) Metropolitan Division (MD) means
a Metropolitan Division of an MSA, as defined by the U.S. Office of
Management and Budget.
(n) Multifamily
dwelling means a dwelling, regardless of construction method,
that contains five or more individual dwelling units.
(o) Open-end line of credit means an extension of credit that:
(1) Is secured by a lien on
a dwelling; and
(2)
Is an open-end credit plan as defined in Regulation Z, 12 CFR 1026.2(a)(20),
but without regard to whether the credit is consumer credit, as defined
in section 1026.2(a)(12), is extended by a creditor, as defined in
section 1026.2(a)(17), or is extended to a consumer, as defined in
section 1026.2(a)(11).
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(p) Refinancing means a closed-end mortgage loan or an open-end line of credit in
which a new, dwelling-secured debt obligation satisfies and replaces
an existing, dwelling-secured debt obligation by the same borrower.
(q) Reverse mortgage means a closed-end mortgage
loan or an open-end line of credit that is a reverse mortgage transaction
as defined in Regulation Z, 12 CFR 1026.33(a), but without regard to whether
the security interest is created in a principal dwelling.
