For the purposes of 209 CMR 53.00, the following definitions apply:
Borrower, a natural person who seeks or acquires a home loan for personal, family, or household use. Borrower does not include a Cosigner.
Commissioner, the commissioner of banks.
(a) A natural person who assumes liability for the obligation of a borrower without receiving goods, services, or money in return for the obligation.
(b) Cosigner includes any natural person whose signature is requested as a condition to granting a home loan to a borrower. The term does not include a spouse whose signature is required in a home loan transaction to perfect a security interest pursuant to state law.
(c) A natural person who meets the definition in 209 CMR 53.02: Cosigner, is a cosigner whether or not the person is designated as such on the credit obligation.
Home loan, a loan, other than a reverse mortgage transaction, in which:
(a) the borrower is a natural person;
(b) the debt is incurred by the borrower primarily for personal, family or household purposes; and
(c) the debt is secured by a mortgage on real estate improved with a dwelling designed to be occupied by not more than four families and occupied or to be occupied in whole or in part by the borrower.
Home loan does not include a loan with a maturity of less than one year, if the purpose of the loan is a "bridge" loan connected with the acquisition or construction of a dwelling intended to become the borrower's principal dwelling.
Lender, any association or corporation chartered by the Commonwealth under the provisions of M.G.L. chs. 168, 170, 171, or 172 or by similar authority of any state of the United States other than the Commonwealth; a national banking association, savings and loan association or savings bank which exists by authority of the United States; a credit union organized under the provisions of the Federal Credit Union Act; a mortgage lender licensed under M.G.L. c. 255E, § 2; or any other mortgagee.
Obligation, an agreement between a borrower and a lender.
Qualified Mortgage, a covered transaction pursuant to 12 CFR 1026.43(b)(1) which meets the specifications of 12 CFR 1026.43(e)(1)(i).
Refinancing, making a home loan, the proceeds of which are used to pay off all or part of an existing home loan. The new home loan may also be used to pay off other debts of the borrower. However, if the proceeds of the new home loan are used to pay off all or part of an existing home loan that was consummated more than 60 months prior to the lender's receipt of an application for a new home loan as well as to pay off other debts of the borrower incurred within the 60 months prior to the lender's receipt of the application, the new home loan shall not be held to be a Refinancing subject to the provisions of M.G.L. c. 183, § 28C and 209 CMR 53.00 et seq.