Sec. 159.001. DEFINITIONS. In this chapter: (1) "Commissioner" means the savings and mortgage lending commissioner. (2) "Finance commission" means the Finance Commission of Texas. (3) "Residential mortgage loan" has the meaning assigned by Section 180.002 . (4) "Residential real estate" has the meaning assigned by Section 180.002 . (5) "Wrap borrower" means a person obligated to pay a wrap mortgage loan. (6) "Wrap lender" means: (A) a person who makes a wrap mortgage loan; or (B) an owner of residential real estate who contracts with another person to make a wrap mortgage loan to a wrap borrower on the owner's behalf to finance the purchase of the owner's residential real estate. (7) "Wrap mortgage loan" means a residential mortgage loan: (A) made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that: (i) attached to the residential real estate before the loan was made; and (ii) secures a debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was made; and (B) obligating the wrap borrower to the wrap lender for payment of a debt the principal amount of which includes: (i) the outstanding balance of the debt described by Paragraph (A)(ii); and (ii) any remaining amount of the purchase price financed by the wrap lender.
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