In these Regulations, any word or expression to which a meaning has been assigned to in the Home Loan and Mortgage Disclosure Act, 2000 (Act No. 63 of 2000) shall have the meaning so assigned to it and, unless the context indicates otherwise—

"accepted security"

means the security required by a financial institution in order for an applicant to qualify for a home loan;

"applicant"

means a person that has submitted an application for a home loan to a financial institution;

"application"

means a completed and signed home loan application form that is supported by all documentation required by a financial institution;

"exposure"

means a financial institution's level of investment in home loans in an area relative to other areas and relative to the investments of other financial institutions in that area;

"income"

means the gross monthly household income of an applicant;

"loan amount"

means the principal debt under a home loan as defined or contemplated in applicable consumer credit legislation;

"loan to value ratio"

means the home loan amount as a percentage of the value of the property which secures the home loan, as determined by the financial institution or its valuers at the time of assessment of the application;

"property in possession"

means a [sic] immovable property that a financial institution has acquired at a sale in execution; and

"repayment to income ratio"

means the amount of the instalment that would be payable under a home loan expressed as a percentage of income and measured at the time of the assessment of the application.