Terms Used In Tennessee Code 47-32-104

• Disbursement of loan funds: means the delivery of the loan funds by the mortgage lender to the settlement agent in one (1) or more of the following forms:
  (A) Cash. See Tennessee Code 47-32-102
• Loan closing: means that time agreed upon by the borrower and lender, when the execution of the loan documents by the borrower occurs. See Tennessee Code 47-32-102
• Loan funds: means the gross or net proceeds of the loan to be disbursed by the lender, in one (1) of the forms identified in subdivision (3), at loan closing. See Tennessee Code 47-32-102
• Mortgage: means a "mortgage" or "deed of trust" as defined in and allowed pursuant to §. See Tennessee Code 47-32-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage lender: includes a "mortgage loan broker" and "mortgage loan servicer". See Tennessee Code 47-32-102
• Mortgage loan: means any loan secured by a mortgage, intended for any purpose. See Tennessee Code 47-32-102
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan servicer: means any person who, in the regular course of business, assumes responsibility for servicing and accepting payments for a mortgage loan. See Tennessee Code 47-32-102
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Settlement: means the time when the settlement agent has received the duly executed deed, loan funds, loan documents, and other documents and funds required to carry out the terms of the contract between the parties, and the settlement agent reasonably determines that prerecordation conditions of such contracts have been satisfied. See Tennessee Code 47-32-102
• 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.