California Code of Regulations › Title 10 - Investment › Chapter 6 - Real Estate Commissioner › Article 16.5 - California Foreclosure Prevention Act › Subarticle 1 - Requirements › Section 2850.1 - Scope of Regulations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  This article clarifies the application of Civil Code Sections
				  2923.52 and
				  2923.53, and
				  sets forth the minimum requirements for a comprehensive loan modification
				  program under Civil Code Section
				  2923.53, in
				  order for a mortgage loan servicer to obtain an order of exemption from Civil
				  Code Section
				  2923.52.
(b) The modification of loans in conformance
				  with the Home Affordable Modification Program Guidelines issued by the U.S.
				  Department of the Treasury on March 4, 2009, as amended (the "Guidelines"),
				  shall constitute the implementation of a comprehensive loan modification
				  program that meets the requirements of subdivision (a) of Civil Code Section
				  2923.53, and
				  shall be deemed to meet all of the requirements in this subarticle (including
				  Sections 2850.2,
				  2850.3,
				  2850.4,
				  2850.5, and
				  2850.6 of these rules). All other
				  comprehensive loan modification programs shall comply with the minimum
				  standards in this subarticle to obtain an order from the Commissioner for
				  exemption from Civil Code Section
				  2923.52.
(c) For purposes of this article,
				  "residential mortgage loan" shall mean any loan primarily for personal, family,
				  or household use that is secured by a mortgage, deed of trust, or other
				  equivalent consensual security interest on a dwelling (as defined in section
				  103(v) of the
				  Truth in Lending Act) or residential real estate upon which is constructed a
				  dwelling (as so defined).
(d) For
				  purposes of this article, "borrower" shall mean a person who was the original
				  obligor on the note or other secured obligation primarily for personal, family
				  or household use and who is the trustor or mortgagor under the security device.
				  "Borrower" includes a person who has formally assumed the secured obligations
				  with the written consent of the beneficiary or mortgagee.
1. New
					 article 16.5 (subarticles 1-4, sections
					 2850.1-2850.10) subarticle 1
					 (sections 2850.1-2850.6) and section filed
					 6-1-2009 as an emergency; operative 6-1-2009 (Register 2009, No. 23). A
					 Certificate of Compliance must be transmitted to OAL by 11-30-2009 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New article 16.5 (subarticles 1-4, sections
					 2850.1-2850.10) subarticle 1
					 (sections 2850.1-2850.6) and section refiled
					 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009, No. 49). A
					 Certificate of Compliance must be transmitted to OAL by 3-1-2010 or emergency
					 language will be repealed by operation of law on the following
					 day.
3. Certificate of Compliance as to 12-1-2009 order, including
					 amendment of subsections (a) and (b), transmitted to OAL 2-22-2010 and filed
					 4-6-2010 (Register 2010, No. 15).
Note: Authority cited: Section
						2923.53(d),
						Civil Code. Reference: Sections
						2923.52 and
						2923.53, Civil
						Code.