source:
  type: regulation
  id: occ-12cfr-34.221
  authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221 — Definitions
  description: '12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC), §34.221 Definitions. Captured section-complete
    (all subsections verbatim).

    '
obligations:
- id: occ-12cfr-34.221-full
  canonical_id: occ-12cfr-34.221-full
  section: 12 CFR §34.221
  description: 'Definitions: As used in this subpart: Automated valuation model means any computerized model used
    by mortgage originators and secondary market issuers to determine the value of a consumer''s principal dwelling
    collateralizing a mortgage. Control systems means the functions (such as internal and external audits, r…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: 'As used in this subpart: Automated valuation model means any computerized model used by mortgage
      originators and secondary market issuers to determine the value of a consumer''s principal dwelling collateralizing
      a mortgage. Control systems means the functions (such as internal and external audits, risk review, quality
      control, and quality assurance) and information systems that are used to measure performance, make decisions
      about risk, and assess the effectiveness of processes and personnel, including with respect to compliance
      with statutes and regulations. Covered securitization determination means a determination regarding: (1) Whether
      to waive an appraisal requirement for a mortgage origination in connection with its potential sale or transfer
      to a secondary market issuer; or (2) Structuring, preparing disclosures for, or marketing initial offerings
      of mortgage-backed securitizations. Credit decision means a decision regarding whether and under what terms
      to originate, modify, terminate, or make other changes to a mortgage, including a decision whether to extend
      new or additional credit or change the credit limit on a line of credit. Dwelling means a residential structure
      that contains one to four units, whether or not that structure is attached to real property. The term includes
      an individual condominium unit, cooperative unit, factory-built housing, or manufactured home, if it is used
      as a residence. A consumer can have only one &#x201C;principal&#x201D; dwelling at a time. Thus, a vacation
      or other second home would not be a principal dwelling. However, if a consumer buys or builds a new dwelling
      that will become the consumer''s principal dwelling within a year or upon the completion of construction,
      the new dwelling is considered the principal dwelling for purposes of this subpart. Mortgage means a transaction
      in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract,
      or equivalent consensual security interest is created or retained in a consumer''s principal dwelling. Mortgage
      originator means: (1) Any person who, for direct or indirect compensation or gain, or in the expectation of
      direct or indirect compensation or gain&#x2014;'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.221 (whole section) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.221-i
  canonical_id: occ-12cfr-34.221-i
  section: 12 CFR §34.221(i)
  description: 'Definitions — (i): (i) Takes a mortgage application; (ii) Assists a consumer in obtaining or applying
    to obtain a mortgage; or (iii) Offers or negotiates terms of a mortgage; (2) Includes any person who represents
    to the public, through advertising or other means of communicating or providing information (including th…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: (i) Takes a mortgage application; (ii) Assists a consumer in obtaining or applying to obtain
      a mortgage; or (iii) Offers or negotiates terms of a mortgage; (2) Includes any person who represents to the
      public, through advertising or other means of communicating or providing information (including the use of
      business cards, stationery, brochures, signs, rate lists, or other promotional items), that such person can
      or will provide any of the services or perform any of the activities described in paragraph (1) of this definition;
      (3) Does not include any person who is&#x2014;
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.221 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.221-i
  canonical_id: occ-12cfr-34.221-i
  section: 12 CFR §34.221(i)
  description: 'Definitions — (i): (i) Not otherwise described in paragraph (1) or (2) of this definition and who
    performs purely administrative or clerical tasks on behalf of a person who is described in any such paragraph;
    or (ii) A retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) Not otherwise described in paragraph (1) or (2) of this definition and who performs purely
      administrative or clerical tasks on behalf of a person who is described in any such paragraph; or (ii) A retailer
      of manufactured or modular homes or an employee of the retailer if the retailer or employee, as applicable&#x2014;
      (A) Does not receive compensation or gain for engaging in activities described in paragraph (1) of this definition
      that is in excess of any compensation or gain received in a comparable cash transaction; (B) Discloses to
      the consumer&#x2014; ( 1 ) In writing any corporate affiliation with any creditor; and ( 2 ) If the retailer
      has a corporate affiliation with any creditor, at least 1 unaffiliated creditor; and (C) Does not directly
      negotiate with the consumer or lender on loan terms (including rates, fees, and other costs); (4) Does not
      include a person or entity that only performs real estate brokerage activities and is licensed or registered
      in accordance with applicable State law, unless such person or entity is compensated by a lender, a mortgage
      broker, or other mortgage originator or by any agent of such lender, mortgage broker, or other mortgage originator;
      (5) Does not include a person that meets all of the following criteria:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.221 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.221-i
  canonical_id: occ-12cfr-34.221-i
  section: 12 CFR §34.221(i)
  description: 'Definitions — (i): (i) The person provides seller financing for the sale of three or fewer properties
    in any 12-month period to purchasers of such properties, each of which is owned by the person and serves as
    security for the financing; (ii) The person has not constructed, or acted as a contractor for the constructio…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) The person provides seller financing for the sale of three or fewer properties in any
      12-month period to purchasers of such properties, each of which is owned by the person and serves as security
      for the financing; (ii) The person has not constructed, or acted as a contractor for the construction of,
      a residence on the property in the ordinary course of business of the person; (iii) The person provides seller
      financing that meets the following requirements: (A) The financing is fully amortizing; (B) The financing
      is one that the person determines in good faith the consumer has a reasonable ability to repay; (C) The financing
      has a fixed rate or an adjustable rate that is adjustable after five or more years, subject to reasonable
      annual and lifetime limitations on interest rate increases. If the financing agreement has an adjustable rate,
      the rate is determined by the addition of a margin to an index rate and is subject to reasonable rate adjustment
      limitations. The index the adjustable rate is based on is a widely available index such as indices for U.S.
      Treasury securities or SOFR. (6) Does not include a natural person, estate, or trust that meets all of the
      following criteria:'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.221 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
- id: occ-12cfr-34.221-i
  canonical_id: occ-12cfr-34.221-i
  section: 12 CFR §34.221(i)
  description: 'Definitions — (i): (i) The natural person, estate, or trust provides seller financing for the sale
    of only one property in any 12-month period to purchasers of such property, which is owned by the natural person,
    estate, or trust and serves as security for the financing; (ii) The natural person, estate, or trust has n…'
  type: definition
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  primary_source:
    tier: 1
    authority: 12 CFR Part 34 — Real Estate Lending, Appraisals & AVMs (OCC) § 34.221
    source_class: ecfr-xml
    source_url: https://www.ecfr.gov/current/title-12/chapter-I/part-34
    snapshot_id: b9176c4f9bb030c2
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:c27331ba5c7759b1bc066ef9a0c6d88aac17a04f5ea45ac55bff64410cc28fef
    paragraph_quote: '(i) The natural person, estate, or trust provides seller financing for the sale of only one
      property in any 12-month period to purchasers of such property, which is owned by the natural person, estate,
      or trust and serves as security for the financing; (ii) The natural person, estate, or trust has not constructed,
      or acted as a contractor for the construction of, a residence on the property in the ordinary course of business
      of the person; (iii) The natural person, estate, or trust provides seller financing that meets the following
      requirements: (A) The financing has a repayment schedule that does not result in negative amortization; (B)
      The financing has a fixed rate or an adjustable rate that is adjustable after five or more years, subject
      to reasonable annual and lifetime limitations on interest rate increases. If the financing agreement has an
      adjustable rate, the rate is determined by the addition of a margin to an index rate and is subject to reasonable
      rate adjustment limitations. The index the adjustable rate is based on is a widely available index such as
      indices for U.S. Treasury securities or SOFR. (7) Does not include a servicer or servicer employees, agents
      and contractors, including but not limited to those who offer or negotiate terms of a mortgage for purposes
      of renegotiating, modifying, replacing and subordinating principal of existing mortgages where borrowers are
      behind in their payments, in default or have a reasonable likelihood of being in default or falling behind.
      Person has the meaning given in section 103 of the Truth in Lending Act (15 U.S.C. 1602). Secondary market
      issuer means any party that creates, structures, or organizes a mortgage-backed securities transaction.'
    drafter_attestation: Verbatim (whitespace-normalized) slice of §34.221 subsection (i) from snapshot b9176c4f9bb030c2;
      substring-verified.
  judgment: false
