Common use of Covered Transaction Clause in Contracts

Covered Transaction. A “Covered Transaction” shall refer to a closed-end consumer credit transaction secured by a dwelling, including closed-end reverse mortgage transactions. • Loan Originator: The term “Loan Originator” shall have the meaning set forth in Regulation Z at 12 CFR §1026.36(a) and shall include, but not be limited to, any person who, in expectation of direct or indirect compensation or other monetary gain, takes an application for a Covered Loan, or offers, arranges or assists a consumer in obtaining or applying to obtain a Covered Loan. • Steering: The term “Steering” shall have the meaning used in Regulation Z at 12 CFR §1026.36(e) and shall include, but not be limited to, advising, counseling, or otherwise influencing a consumer to accept a particular Covered Transaction. 3.

Covered Transaction. A “Covered Transaction” shall refer to a closed-end closed‐end consumer credit transaction secured by a dwelling, including closed-end closed‐end reverse mortgage transactions. • Loan Originator: The term “Loan Originator” shall have the meaning set forth in Regulation Z at 12 CFR §1026.36(a) and shall include, but not be limited to, any person who, in expectation of direct or indirect compensation or other monetary gain, takes an application for a Covered Loan, or offers, arranges or assists a consumer in obtaining or applying to obtain a Covered Loan. • Steering: The term “Steering” shall have the meaning used in Regulation Z at 12 CFR §1026.36(e) and shall include, but not be limited to, advising, counseling, or otherwise influencing a consumer to accept a particular Covered Transaction. 3.

Covered Transaction. A “Covered Transaction” shall refer to a closed-end closed‐end consumer credit transaction secured by a dwelling, including closed-end closed‐end reverse mortgage transactions. •  Loan Originator: The term “Loan Originator” shall have the meaning set forth in Regulation Z at 12 CFR §1026.36(a) and shall include, but not be limited to, any person who, in expectation of direct or indirect compensation or other monetary gain, takes an application for a Covered Loan, or offers, arranges or assists a consumer in obtaining or applying to obtain a Covered Loan. •  Steering: The term “Steering” shall have the meaning used in Regulation Z at 12 CFR §1026.36(e) and shall include, but not be limited to, advising, counseling, or otherwise influencing a consumer to accept a particular Covered Transaction. 3.