(a) In any mortgage or loan insurance transaction under this chapter where the Commissioner will control the mortgagor either through the ownership of corporate stock or under the provisions of a regulatory agreement, the term applicant as used in Sec. 200.415 shall mean the mortgagor.
(b) In any transaction other than one specified in paragraph (a) of this section, the term applicant as used in Sec. 200.415 shall mean the developer, or the builder, dealer or contractor performing the construction, repair or rehabilitation work for the property owner.