§ 14-118.11. Definitions. - North Carolina Statutes

§ 14‑118.11. Definitions.

Unless otherwise provided inthis Article, the following definitions apply in this Article:

(1)        Mortgage lendingprocess. – The process through which a person seeks or obtains a mortgage loanincluding solicitation, application, origination, negotiation of terms,underwriting, signing, closing, and funding of a mortgage loan and servicesprovided incident to a mortgage loan, including the appraisal of theresidential real property. Documents involved in the mortgage lending processinclude (i) uniform residential loan applications or other loan applications,(ii) appraisal reports, (iii) settlement statements, (iv) supporting personaldocumentation for loan applications, including W‑2 or other earnings orincome statements, verifications of rent, income, and employment, bankstatements, tax returns, and payroll stubs, and (v) any required mortgage‑relateddisclosures.

(2)        Mortgage loan. – Aloan primarily secured by either (i) a mortgage or a deed of trust onresidential real property or (ii) a security interest in a manufactured home(as defined by G.S. 143‑145(7)) located or to be located on residentialreal property.

(3)        Pattern ofresidential mortgage fraud. – Residential mortgage fraud that involves five ormore mortgage loans, which have the same or similar intents, results,accomplices, victims, or methods of commission or otherwise are interrelated bydistinguishing characteristics.

(4)        Person. – Anindividual, partnership, limited liability company, limited partnership, corporation,association, or other entity, however organized.

(5)        Residential realproperty. – Real property located in the State of North Carolina upon whichthere is located or is to be located a structure or structures designedprincipally for residential purposes, including, but not limited to, individualunits of townhouses, condominiums, and cooperatives. (2007‑163, s. 1.)