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 1 2 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.
