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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 10. PLANNING AND DEVELOPMENT |
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SubTilte 10-B. PLANNING AND DEVELOPMENT |
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Chapter 10-B38. HFA: SINGLE FAMILY MORTGAGE PROGRAM |
Section 10-B3899. DEFINITIONS
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3899.1When used in this chapter, unless defined herein, words and phrases shall have their common industry meaning ascribed:
Approved Mortgage Lender:
(a)The Agency, any bank, Mortgage banking company, trust company, savings bank, savings and loan association, credit union, national banking association, federal savings and loan or federal credit union which maintains an office in the District, an FHA approved lender; or meets other requirements as set forth by the Board of Directors of the Agency; and
(b)Any insurance company that is authorized to do business in the District and meets the financial stability and sufficient net worth criteria established, from time to time, by the Agency.
Bonds - the bonds or other evidences of financial obligations of the Agency used to finance Mortgage loans.
Eligible person or family - one (1) or more persons or a family determined by the Agency to be of Low or Moderate-income who qualify for housing under the Program according to the requirements of the Program documents as established by the Agency and whose Gross income does not exceed the percentages, set forth in the Act, of the median family income, as revised from time to time, for the SMSA in which the District is located.
Gross income - the income shown on the last filed federal income tax return(s) which reflects gross income (total income including deductions) as well as verification of current income by the lender.
Master Servicer – the servicer designated, by and on behalf of the Agency, to service Mortgage loans originated by the Agency, Approved Mortgage Lenders or the Master Servicer in accordance with the provisions of the Agency’s Participating Mortgage Lender Single Family Program Agreement, servicing agreement, and the Program documents.
Mortgage - a Mortgage or deed of trust or any other owner-financing instrument as defined in § 102(n) of the Act, encumbering a Single-family residence located in the District and securing a Mortgage loan in the form and containing terms and provisions required in the applicable program documents and approved by the Agency pursuant to this Part.
Mortgage-backed securities - are asset-backed securities that represent a claim on the cash flows from Mortgage loans through a process known as securitization.
Mortgage loan - a loan to an Eligible person or family for the purposes of financing residential housing, committed by an Approved Mortgage Lender, pursuant to the applicable Program documents, which is evidenced by a Mortgage note secured by the related Mortgage and which the Agency purchases pursuant to a Participating Mortgage Lender Single Family Program Agreement with the Approved Mortgage Lender.
Mortgage note - a promissory note evidencing a Mortgage loan and secured by the related Mortgage in the form and containing terms required in the applicable Program documents and approved by the Agency.
Participating Mortgage Lender Single Family Program Agreement - an agreement between the Agency and an Approved Mortgage Lender, except where the Agency originates the loan, pursuant to which the Approved Mortgage Lender becomes a participant in the Program and in accordance with which Mortgage loans are originated, securitized, or purchased by the Agency, and serviced by the Approved Mortgage Lender or Master Servicer and which sets forth the requirements of the Act and this Participating Mortgage Lender Single Family Program Agreement .
Program - the Agency's single family mortgage program pursuant to which the Agency originates or purchases Mortgage loans, or Mortgage-backed securities from Approved Mortgage Lenders, including, but not limited to, refinancing loans and acquisition rehabilitation loans.
Program documents - any and all documents required by the Agency setting forth the terms and conditions under which the Agency shall originate or purchase Mortgage Loans from Approved Mortgage Lenders, or purchase Mortgage-backed securities from other entities.
Single-family residence - an owner-occupied single family residence, including a condominium and cooperative unit, that is located in the District and satisfies all the requirements of the Program documents.
SMSA - a Standard Metropolitan Statistical Area as defined by the United States Office of Management and Budget.
Special Programs - means programs that the DCHFA may establish from time to time to set aside Mortgage loan capacity for specific purposes or specific borrowers.
Targeted area - a qualified census tract or an area of chronic economic distress located in the District within the meaning of Section 143(j) of the Internal Revenue Code of 1986, as amended, and applicable I.R.S. regulations, and any other areas that the Agency may, from time to time, designate.