Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part IV - Bureau of Consumer Credit Agencies › Chapter 59 - MORTGAGE SERVICING › Section 59.3 - Definitions

Current through Register Vol. 54, No. 28, July 13, 2024
The following words and terms, when used in this chapter,
				  have the following meanings, unless the context clearly indicates
				  otherwise:
Confirmed successor in interest
- A successor
				  in interest once a servicer has confirmed the successor in interest's identity
				  and ownership interest in a property that secures a mortgage loan subject to
				  this chapter.
Consumer reporting agency
- has the meaning
				  set forth in section 603 of the Fair Credit Reporting Act (
				  15 u.s.c. §
										1681a.
COVID-19-related hardship
-A financial
				  hardship due, directly or indirectly, to the National emergency for the
				  COVID-19 pandemic declared in Proclamation 9994 on March 13, 2020 (beginning on
				  March 1, 2020) and continued on February 24, 2021, in accordance with section
				  202(d) of the National Emergencies Act (
				  50 U.S.C. §
										1622(d).
Day
-Calendar day.
Delinquency
-A period of time during which a
				  borrower and a borrower's mortgage loan obligation are delinquent. A borrower
				  and a borrower's mortgage loan obligation are delinquent beginning on the date
				  a periodic payment sufficient to cover principal, interest, and, if applicable,
				  escrow becomes due and unpaid, until such time as no periodic payment is due
				  and unpaid.
Hazard insurance
-Insurance on the property
				  securing a mortgage loan that protects the property against loss caused by
				  fire, wind, flood, earthquake, theft, falling objects, freezing, and other
				  similar hazards for which the owner or assignee of such loan requires
				  insurance.
Loss mitigation application
-An oral or
				  written request for a loss mitigation option that is accompanied by any
				  information required by a servicer for evaluation for a loss mitigation
				  option.
Loss mitigation option
-An alternative to
				  foreclosure offered by the owner or assignee of a mortgage loan that is made
				  available through the servicer to the borrower.
Master servicer
-The owner of the right to
				  perform servicing. A master servicer may perform the servicing itself or do so
				  through a subservicer.
Mortgage loan
-A loan which is made primarily
				  for personal, family or household use; and secured by any first lien mortgage,
				  deed of trust, or equivalent consensual security interest on a dwelling or on
				  residential real estate, but does not include open-end lines of credit (home
				  equity plans).
Qualified written request
-A written
				  correspondence from the borrower to the servicer that includes, or otherwise
				  enables the servicer to identify, the name and account of the borrower, and
				  either:
(1) States the reasons the
				borrower believes the account is in error; or
(2) Provides sufficient detail to the
				servicer regarding information relating to the servicing of the mortgage loan
				sought by the borrower.
Reverse mortgage transaction
-The meaning set
				  forth in 2 CFR
				  1026.33(a) (relating to
				  requirements for reverse mortgages).
Service provider
-Any party retained by a
				  servicer that interacts with a borrower or provides a service to the servicer
				  for which a borrower may incur a fee.
Single point of contact
-An individual or
				  team of personnel, each of whom has the ability and authority to discuss
				  mortgage loan mitigation options with a borrower on behalf of a mortgage
				  servicer. The mortgage servicer shall ensure that each member of the team is
				  knowledgeable about the borrower's situation and current status.
Subservicer
-A servicer that does not own the
				  right to perform servicing, but that performs servicing on behalf of the master
				  servicer.
Successor in interest
-A person to whom an
				  ownership interest in a property securing a mortgage loan subject to 12 CFR
				  Part 1024 , Subpart C (relating to mortgage servicing) is transferred from a
				  borrower, provided that the transfer is by devise, descent, or operation of law
				  on the death of a joint tenant or tenant by the entirety; to a relative
				  resulting from the death of a borrower; a transfer where the spouse or children
				  of the borrower become an owner of the property; a transfer resulting from a
				  decree of a dissolution of marriage, legal separation agreement, or from an
				  incidental property settlement agreement, by which the spouse of the borrower
				  becomes an owner of the property; or a transfer into an inter vivos trust in
				  which the borrower is and remains a beneficiary and which does not relate to a
				  transfer of rights of occupancy in the property.
Transferee servicer
-A servicer that obtains
				  or will obtain the right to perform servicing pursuant to an agreement or
				  understanding.
Transferor servicer
-A servicer, including a
				  table-funding mortgage broker or dealer on a first-lien dealer loan, that
				  transfers or will transfer the right to perform servicing pursuant to an
				  agreement or understanding.
The provisions of this § 59.3 amended under
					 7
					 Pa.C.S. §
												6141(a)(2).