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§ 7113. Definitions.

21 CA ADC § 7113Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 21. Public Works
Division 3. California State Transportation Agency
Chapter 4. Regulations Pursuant to the Housing Financial Discrimination Act of 1977 (Refs & Annos)
Article 3. Mortgage Banking
21 CCR § 7113
§ 7113. Definitions.
Currentness
(a) “Commitment” as used in these regulations means a promise by a financial institution as part of a contractual agreement to purchase loans which are originated, financed, and closed in accordance with criteria established by said financial institution.
(b) “Mortgage banker” means a person, partnership, corporation or other business entity engaged in the business of mortgage banking.
(c) “Mortgage banking” is the originating, financing, and closing of loans on real property and the selling of the loans to permanent institutional investors.
(d) “Permanent institutional investors” means a person, partnership, corporation or other business entity which purchases loans for investment and not for resale.

Credits

Note: Authority cited: Section 35814, Health and Safety Code. Reference: Sections 35810-35815, Health and Safety Code.
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 21, § 7113, 21 CA ADC § 7113
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