Terms Used In Virginia Code 6.2-1417

• Association: means a corporation organized as an industrial loan association under the provisions of the Virginia Stock Corporation Act (§ 13. See Virginia Code 6.2-1400
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: means a loan made to an individual, the proceeds of which are to be used primarily for personal, family or household purposes, which loan is secured by a mortgage or deed of trust upon any interest in one- to four-family residential property located in the Commonwealth, regardless of where made, including the renewal or refinancing of any such loan, but excluding (i) loans or extensions of credit to buyers of real property for any part of the purchase price of such property by persons selling such property owned by them, (ii) loans to persons related to the lender by blood or marriage, and (iii) loans to persons who are bona fide employees of the lender. See Virginia Code 6.2-1400
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}