Mortgage Lending 

U.S. Code > Title 12 > Chapter 27 > § 2601 - Congressional findings and purpose

      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.

Legislative History

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Questions & Answers: Mortgage Lending

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U.S. Code Provisions: Mortgage Lending

State Laws: Mortgage Lending

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