Which of the following is a definition of a 'borrower' under HLPA?

In the context of the Home Loan Protection Act (HLPA), a 'borrower' is defined as the person responsible for repaying a loan. This definition is crucial because it establishes the legal relationship between the borrower and the lender, where the borrower is the individual or entity that receives the funds and commits to returning them under agreed-upon terms. The responsibilities that come with being a borrower include ensuring timely payments and adhering to any terms specified in the loan agreement.

Understanding this definition helps clarify the roles within a financial transaction. While the lender provides the loan, and loan origination involves other entities, such as loan officers or financial institutions, it is the borrower who has the primary legal obligation to repay the funds. This distinction is significant in the context of laws governing lending practices, consumer protections, and the rights and obligations of parties involved in a loan transaction.