SECTION 330:15-1-3. Definitions

  The following words or terms, when used in this Chapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Act" means Title 60 Oklahoma Statutes, Supplement 1987, Sections 175.1-175.54 and 176-180.4, as amended and supplemented.

"Allocation" means, with respect to each participant, the aggregate principal amount of mortgage loans that participant has offered and agreed to originate and service, which offer OHFA has accepted, plus any additional amounts OHFA has allocated to said participant, less any amounts OHFA has reallocated to another participant.

"APA" means the Administrative Procedures Act as adopted in Oklahoma, codified at 75 Oklahoma Statutes, Supplement 1987, Sections 250, et seq.

"Applicant" means a person who applies for approval to become a borrower under a program.

"Bond" means any obligation of OHFA, including bonds, notes or any other form of indebtedness incurred to finance a program.

"Bond indenture" means the indenture between OHFA as issuer and the Trustee authorizing and securing bonds used to finance a program, and all amendments or supplements thereto.

"Borrower" means any person required to repay the debt obligation created pursuant to a mortgage loan.

"CAP allocation" means the State Ceiling Allocation prescribed by the Code and as apportioned pursuant to 62 O.S. (1987) S 695.14, et seq., as amended and supplemented.

"Code" means the United States Internal Revenue Code of 1986, as amended and supplemented, and any rules or regulations promulgated or adopted by reference thereunder.

"Issuer" or "Agency" means the Oklahoma Housing Finance Agency.

"Mortgage" means the written instrument creating an interest in real property and premises, including any improvements and appurtenances thereto, and which secures a mortgage loan.

"Mortgage loan" or "Mortgage loans" means the mortgage financing of the acquisition, alterations to, repair, rehabilitation or improvements on single family dwellings (which alterations, repairs, rehabilitation and/or other improvements substantially protect or improve basic livability of the property), which financing is evidenced by the mortgage note(s) and secured by the related mortgage(s), and which are made to borrowers pursuant to the terms and conditions of a program.

"Mortgage note" means the promissory note executed by a borrower to evidence such borrower's obligation to repay the mortgage loan.

"OHFA" means the Oklahoma Housing Finance Agency.

"Origination" means the identification of qualified mortgage loans for provision of financing by OHFA pursuant to the provisions of a program.

"Participating lender" means any state bank, national banking association, savings and loan association, building and loan association, mortgage banker or other financial institution, or holding company thereof, or governmental agency which provides services for, or otherwise aids in, the financing of single family residences by means of mortgage loans and which is approved by OHFA respecting participation in a program.

"Program" means a single family mortgage program of OHFA instituted for the purpose of providing funds to low and moderate income residents of the State of Oklahoma for the acquisition, alteration, rehabilitation, repair, or improvement of single family, owner-occupied housing.

"Program documents" means all contracts, agreements, certificates, affidavits and exhibits or similar instruments utilized in connection with a program, whatsoever their title, including, but not limited to, the invitation, the offer to originate, notice of acceptance by OHFA, the mortgage origination agreement, the bond indenture, the bond notice of acceptance, the interest rate notice and the official statement.

"Resident", means any person who, at the time of closing of a mortgage loan, permanently resides within the State of Oklahoma, and intends to use the single family dwelling as his or her principal place of residence.

"Resolution" means the resolution, motion, or other official action of OHFA duly taken by not less than a majority vote of its Trustees at an open public meeting of Trustees.

"Servicing" means the administration, collection, and other duties specified in the program documents which may be performed by a participating lender respecting the mortgage loans.

"Single family dwelling" means a structure, including all fixtures and appurtenances thereto, located in the State, together with the land upon which it is located, designed for and providing residential housing for one family. A single family dwelling must be owner-occupied, except as otherwise provided by these rules.

"Staff" means the staff of OHFA.

"State" means the State of Oklahoma.

"Trust indenture" means the Trust Indenture dated as of May 1, 1975, as amended, creating the issuer.

"Trustee" means the bank designated by the issuer and appointed under the bond indenture or any successor thereto, as the custodian of funds derived from the issuance of the bonds of a program, and performing such other duties as may be designated in the bond indenture.