Terms Used In Louisiana Revised Statutes > Title 6 > Chapter 14 > Part III - Residential Mortgage Loans

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Chambers: A judge's office.
• Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1083
• Consumer: means a natural person who enters into or seeks to enter into a residential loan transaction for a personal, family, or household purpose. See Louisiana Revised Statutes 6:1083
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally related mortgage loan: means an extension of credit to a consumer secured by a first mortgage on residential immovable property located in this state, including:  a mobile home which will be immobilized pursuant to La. See Louisiana Revised Statutes 6:1083
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• Person: means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized. See Louisiana Revised Statutes 6:1083
• Residential immovable property: means any immovable property located in this state upon which is constructed or intended to be constructed a dwelling. See Louisiana Revised Statutes 6:1083
• Residential loan transaction: means any agreement by a consumer with a mortgage broker, mortgage loan originator, mortgage loan servicer, or mortgage lender in connection with a residential mortgage loan. See Louisiana Revised Statutes 6:1083
• residential mortgage lender: means any person who, directly or indirectly, originates or makes, or offers to originate or make, a residential mortgage loan for another person. See Louisiana Revised Statutes 6:1083
• Residential mortgage loan: means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in 15 U. See Louisiana Revised Statutes 6:1083
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means any state of the United States, the District of Columbia, or any territory of the United States including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Louisiana Revised Statutes 6:1083
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Unique identifier: means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry. See Louisiana Revised Statutes 6:1083
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.