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Texas Finance Code - FIN § 159.001. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

In this chapter:

(1) “Commissioner” means the savings and mortgage lending commissioner.

(2) “Finance commission” means the Finance Commission of Texas.

(3) “Residential mortgage loan” has the meaning assigned by Section 180.002.

(4) “Residential real estate” has the meaning assigned by Section 180.002.

(5) “Wrap borrower” means a person obligated to pay a wrap mortgage loan.

(6) “Wrap lender” means:

(A) a person who makes a wrap mortgage loan; or

(B) an owner of residential real estate who contracts with another person to make a wrap mortgage loan to a wrap borrower on the owner's behalf to finance the purchase of the owner's residential real estate.

(7) “Wrap mortgage loan” means a residential mortgage loan:

(A) made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that:

(i) attached to the residential real estate before the loan was made; and

(ii) secures a debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was made; and

(B) obligating the wrap borrower to the wrap lender for payment of a debt the principal amount of which includes:

(i) the outstanding balance of the debt described by Paragraph (A)(ii); and

(ii) any remaining amount of the purchase price financed by the wrap lender.

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Cite this article: FindLaw.com - Texas Finance Code - FIN § 159.001. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-159-001/

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