Code of Massachusetts Regulations › 209 CMR - DIVISION OF BANKS AND LOAN AGENCIES › Title 209 CMR 57.00 - Flood Insurance › Section 57.02 - Definitions

Current through Register 1525, July 5, 2024
The following definitions apply to 209 CMR 57.00 and the notice
				prescribed under 209 CMR 57.05:
Commonwealth
means the Commonwealth of
				Massachusetts.
Creditor
means a person or entity that
				holds or controls, partially, wholly, indirectly, directly or in a nominee
				capacity, a mortgage loan securing a residential property, including, but not
				limited to, an originator, holder, investor, assignee, successor, trust,
				trustee, nominee holder, Mortgage Electronic Registration System or mortgage
				servicer, including the Federal National Mortgage Association or the Federal
				Home Loan Mortgage Corporation; provided that "creditor" shall also include any
				servant, employee or agent of a creditor; and provided, further, that the
				Massachusetts Housing Finance Agency and the Massachusetts Housing Partnership
				Fund established in St. 1966, c. 708, and St. 1985, c. 405, § 35
				respectively, shall not be a creditor.
Creditor's Representative
means a
				person who has the authority to negotiate and approve the terms of and modify a
				mortgage loan, or a person who, under a servicing agreement, has the authority
				to negotiate and approve the terms of and modify a mortgage loan.
Designated Loan
means a mortgage loan
				secured wholly or partially by a mortgage on residential property located in a
				special flood hazard area and for which the sale of flood insurance is
				available under the National Flood Insurance Act of 1968 (42 U.S.C.
				§§ 4001 through 4131).
Division of Insurance
means the
				Division of Insurance, including the Commissioner of Insurance, established
				under M.G.L. c. 26, § 1.
Flood
shall have the same meaning as
				set forth under the Federal Emergency Management Agency's National Flood
				Insurance Program Standard Flood Insurance Policy Dwelling Form.
Full Value
means the maximum amount of
				credit available to the borrower under the terms of the home equity line of
				credit agreement.
Insurance Producer
means an insurance
				producer as defined under M.G.L. c. 175, § 162H.
Mortgage Loan
means a loan to a
				natural person made primarily for personal, family, or household purposes
				secured wholly or partially by a mortgage on residential property.
National Flood Insurance Program
means
				the flood insurance program established under the National Flood Insurance Act
				of 1968 (42 U.S.C. §§ 4001 through 4131).
Notice about Flood Insurance Coverage
means the written notice prescribed under 209 CMR 57.05 including such
				information as required under the notice by 209 CMR 57.00.
Principal Mortgage Balance
means the
				portion of the original mortgage loan that remains unpaid, which does not
				include accrued interest or any other charges.
Residential Property
means real
				property located in the Commonwealth, on which there is a dwelling house with
				accommodations of four or fewer separate households and occupied, or to be
				occupied, in whole or in part by the obligor on the mortgage debt.
Special Flood Hazard Area
means the
				area in the flood plain within a community having at least a 1% chance of
				flooding in any given year, as designated by the Director of the Federal
				Emergency Management Agency.
You
means any association or
				corporation chartered by the Commonwealth under the provisions of M.G.L. c.
				168, 170, 171, or 172 or by similar authority of any state of the United States
				other than the Commonwealth; a national banking association, savings and loan
				association, or savings bank which exists by authority of the United States; a
				credit union organized under the provisions of the Federal Credit Union Act; a
				mortgage lender licensed under M.G.L. c. 255E, § 2; or any other creditor
				or creditor's representative.