§ 1024.31 Definitions.

For purposes of this subpart:

  1. Consumer reporting agency has the meaning set forth in section 603 of the Fair Credit Reporting Act, 15 U.S.C. 1681a.

  2. Day means calendar day.

  3. Hazard insurance means 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.

  4. Loss mitigation application means 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.

  5. Loss mitigation option means an alternative to foreclosure offered by the owner or assignee of a mortgage loan that is made available through the servicer to the borrower.

  6. Master servicer means the owner of the right to perform servicing. A master servicer may perform the servicing itself or do so through a subservicer.

  7. Mortgage loan means any federally related mortgage loan, as that term is defined in § 1024.2 subject to the exemptions in § 1024.5(b), but does not include open-end lines of credit (home equity plans).

  8. Qualified written request means 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. 1.(1) States the reasons the borrower believes the account is in error; or

    2. 2.(2) Provides sufficient detail to the servicer regarding information relating to the servicing of the mortgage loan sought by the borrower.

  9. Reverse mortgage transaction has the meaning set forth in 12 CFR 1026.33(a).

  10. Service provider means 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.

  11. Subservicer means a servicer that does not own the right to perform servicing, but that performs servicing on behalf of the master servicer.

  12. Transferee servicer means a servicer that obtains or will obtain the right to perform servicing pursuant to an agreement or understanding.

  13. Transferor servicer means 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.

Official Interpretation to 31

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