Wyoming Administrative Code
Agency 900 - Community Development Authority, Wyoming
Sub-Agency 0001 - General Agency, Board or Commission Rules
Chapter 1 - MORTGAGE PURCHASE PROGRAM
Section 1-3 - Definitions

As used in these Rules and Regulations, terms defined in the Act have the meanings set forth therein and, unless the context otherwise requires:

"Application" means an application to sell mortgage loans filed by a mortgage lender with the Authority.

"Eligible Borrower" means persons and families whose total annual family incomes do not exceed the maximum income levels, and who otherwise satisfy the requirements, as authorized or established by the Authority.

"Family" means a person or a group of persons consisting of, but not limited to, the head of a household, the spouse, if any, and children, if any, who are allowable as personal exemptions for federal income tax purposes.

"Mortgage" includes a mortgage, mortgage deed or other instrument creating a first lien on a fee interest or leasehold interest in real property located within the state.

"Mortgage Loan" means a loan secured by a mortgage made to an eligible borrower for the purchase of an owner-occupied single family residence (which may include up to four units, one of which must be owner-occupied) for residential use in the state; provided that loans may be made for home improvements or down payment/closing costs assistance without being secured by a mortgage upon authorization by Authority resolution.

"Mortgage Purchase Agreement" means an agreement between the Authority and a mortgage lender pursuant to which the Authority agrees to purchase mortgage loans from the mortgage lender from time to time on the terms and conditions set forth in the agreement.

"Program" means the Authority's program for purchase of notes evidencing mortgage loans and the accompanying security called the "mortgage purchase program."

"Residential Use" means primary use of a structure as the principal residence of the occupant and does not include use as a vacation or "second" home.

"Servicing Agreement" means an agreement between the Authority and a mortgage lender, or its designated servicer as approved by the Authority, for the servicing of mortgage loans purchased by the Authority.