Terms Used In Hawaii Revised Statutes 516-131

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lender: means any bank, trust company, savings bank, national banking association, savings and loan association, building and loan association, mortgage banker, credit union, insurance company, or any other financial institution, or a holding company for any of the foregoing, which:

  (1) Is authorized to do business in the State;

  (2) Customarily provides services or otherwise aids in the financing of mortgages on single family or multi-family residential property; and

  (3) Is a financial institution whose accounts are federally insured, or is an institution which is an approved mortgagee for the Federal Housing Administration, or is an approved lender for the Department of Veterans Affairs or the United States Department of Agriculture, or is an approved mortgage loan servicer for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation. See Hawaii Revised Statutes 516-91

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.