The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Lender.” Any bank, savings bank, savings and loan association, credit union, mortgage bank, mortgage broker, finance company, consumer discount company or other financial institution or person that lends money to a borrower and secures the loan by a mortgage given by the borrower on real property or by placing a lien against real property.

“Property insurance coverage.” Real property insurance covering owner-occupied private residential properties against losses caused by perils that commonly are covered in insurance policies described with terms similar to “standard fire” or “standard fire with extended coverage. ”