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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 330. Oklahoma Housing Finance Agency |
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Chapter 15. Single Family Mortgage Loan Program |
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Subchapter 1. General Provisions |
SECTION 330:15-1-3. Definitions
Latest version.
- 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 2011, Sections 175.1-175.54 and 176-180.4, as amended and supplemented."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 any bond indenture between OHFA as issuer and the Trustee authorizing and securing bonds used to finance a Program, and all amendments or supplements thereto."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."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 home ownershipProgram 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, as may be required from time to time, whatsoever their title, including, but not limited to, the invitation, the offer to originate, notice of acceptance by OHFA, the master mortgage origination agreement, the bond indenture, the bond notice of acceptance, the interest rate notice and the official statement, to the extent deemed applicable by the Trustees and/or Staff of OHFA."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."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."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.