12 CFR 27.2 - Definitions.
For the purpose of this part, including all forms and instructions issued for use under this part:
(b) Application means an oral in-person or written request for an extension of credit for a home loan that is made in accordance with procedures established by a bank for the type of credit requested.
(d) Completed application means an application in connection with which a bank has received all the information that it regularly obtains and considers in evaluating the amount and type of credit requested.
(f) Home loan means a real estate loan for the purchase, permanent financing for construction, or the refinancing of residential real property which the applicant intends to occupy as a principal residence.
(h) Inquiry means a written or an oral in-person request for information about the terms of a home loan by a natural person on his/her own behalf which is received on a bank's premises by any person at the bank who customarily receives or is authorized to receive such requests. Telephonic communications do not constitute an inquiry for purposes of this part.
(i) Real estate loan means any loan secured by real estate where the bank relies upon such real estate as the primary security for the loan. Where the bank in its judgment relies substantially upon other factors, such as the general credit standing of the borrower, guaranties, or security other than real estate, the loan does not constitute a real estate loan, although as a matter of prudent banking practice it may also be secured by real estate.
(1) A loan made in reliance upon the security of a mobile home will not be considered a real estate loan, although as a prudent banking practice the security interest is recorded or otherwise perfected as if the mobile home were real estate. For purposes of this part, a loan made in reliance upon the security of a mobile home and the parcel of land to which it is permanently affixed will be considered a real estate loan.
(2) Where the bank relies substantially on the insurance guaranty of a governmental agency in making a loan, it does not constitute a real estate loan except for the purposes of§ 27.4 of this part (Inquiry/Application Log).
(j) Residential real property means improved real property (not vacant land) used or intended to be used for residential purposes, including single family homes, dwellings for from two to four families, and individual units of condominiums and cooperatives.
[44 FR 63089, Nov. 2, 1979, as amended at 73 FR 22251, Apr. 24, 2008]
Title 12 published on 2015-01-01.
No entries appear in the Federal Register after this date, for 12 CFR Part 27.