; and (ii) such violation, breach or practice caused, or is likely to cause, more than a minimal financial loss to, or a significant adverse effect on, the Exchange. (11) Mortgage-related document The term mortgage-related document means any document or other information or data related to the use of residential real estate as security for a loan, including documents establishing an obligation to repay a loan secured by residential real estate, establishing a security interest in real estate (so long as such security interest has first been recorded or registered under State law to establish the priority of such interest), establishing the value of the real estate at the time the security interest is created, and insuring clear title to residential real estate pledged as security, or as the Director by regulation may define. Such documents may include electronic documents. (12) Organizer The term organizer means the person or entity that establishes the Exchange. (13) Participant The term participant means any person authorized to use data maintained or created by the Repository that is not otherwise available to the public. (14) Repository The term Repository means the national mortgage data repository organized under section 331. (15) Transfer Date The term Transfer Date means the date established under section 315(b). (16) Transition Period The term Transition Period means the period beginning on the date of the enactment of this Act and ending on the Transfer Date. A Establishment and authority of the Exchange 311. Establishment (a) Authority of Director Under such regulations as the Director may prescribe, the Director shall provide for the organization, incorporation, examination, operation, and regulation of a Mortgage Security Market Exchange ( Exchange ). The Exchange shall be organized, operated, and managed as a not-for-profit entity. (b) Formation of Exchange