New York Codes, Rules and Regulations › Title 3 - BANKING › Chapter III - SUPERINTENDENT'S REGULATIONS › Subchapter B - NON-BANKING ORGANIZATIONS › Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property › Section 422.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part:
(a)
Mortgage
means a lien
				  upon residential real property as is commonly given to secure advances on, or
				  the unpaid purchase price of, real property under the laws of this State,
				  together with the credit instrument or instruments, if any, secured
				  thereby.
(b)
Mortgagee
means the holder of a mortgage and/or note secured
				  by residential real property, including, as applicable, the original lender
				  under a mortgage, its successors and assigns, and the holders of credit
				  instruments issued under a trust indenture, mortgage or deed of trust pursuant
				  to which such holders act by and through a trustee therein named.
(c)
Assignee
means a current
				  mortgagee if different from the original mortgagee.
(d)
Mortgage maintenance
means the continued ownership of a mortgage and/or note by the person or entity
				  that originated that mortgage.
(e)
Mortgage origination
means for compensation or gain, either
				  directly or indirectly, advancing funds to an applicant for a mortgage loan or
				  a mortgagor as a mortgage loan.
(f)
Mortgage servicing
means receiving any scheduled periodic
				  payments from a borrower pursuant to the terms of any mortgage loan, including
				  amounts for escrow accounts, subject to section 6-k  of the Banking Law, title 3-A of article
				  IX of the Real Property Tax Law or section 10 of
				  12
				  U.S.C. 2609. In the case of a reverse
				  mortgage as referenced in section
				  6-h of the Banking Law, sections 280 and
				  280-a of the Real Property Law, servicing includes making payments to the
				  borrower or having been delegated by the mortgagee as responsible for oversight
				  and maintenance of the mortgage even though payments are no longer being made
				  to the borrower. The term includes making or holding a mortgage loan if such
				  activities directly or indirectly include holding the mortgage servicing rights
				  or having been delegated servicing functions for the mortgage loan.
(g)
Public official
means a
				  member of the New York State Legislature, a member of the elected governing
				  body of a county, town, village or city, and in the City of New York, the city
				  council, and the highest ranking elected executive official of a county, city,
				  town or village.
(h)
Residential real property
means real property located in this
				  State improved by any building or structure that is or may be used, in whole or
				  in part, by not less than one nor more than four families.
(i)
State or federally chartered
				  bank, savings bank, savings and loan association, or credit union
means one of the following:
(1) any
				  corporation, organized under or subject to the provisions of article 3 of the
				  New York Banking Law;
(2) any
				  corporation organized under or subject to the provisions of article 11 of the
				  New York Banking Law;
(3) any
				  corporation organized under or subject to the provisions of article 6 of the
				  New York Banking Law, including stock-form savings banks;
(4) any corporation organized under or
				  subject to the provisions of article 10 of the New York Banking Law, including,
				  but not limited to, stock-form savings and loan associations;
(5) a State-chartered branch and agency of a
				  foreign bank subject to the provisions of article 5 of the New York Banking
				  Law;
(6) any national banking
				  association organized pursuant to the National Bank Act;
(7) any Federal savings association as such
				  term is defined by the Federal Deposit Insurance Act, as amended (12
				  USC section 1813 [b][2]);
(8) a Federal branch and agency of a foreign
				  bank, as such terms are defined by the International Banking Act of 1978, as
				  amended (12
				  USC section 3101); or
(9) a Federal credit union, as such term is
				  defined by the Federal Credit Union Act, as amended (12
				  USC section 1752 [1]).