§ 47.1. Definitions.
The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:
ActsThe MLA and the CDCA.
Advance feeAny funds requested by or to be paid to a licensee in advance of or during the processing of a mortgage loan modification.
CDCAThe Consumer Discount Company Act (7 P. S. § § 62016221).
Government agencyA Federal, State or local government agency, including the United States Department of Housing and Urban Development and the Pennsylvania Housing Finance Agency.
LicenseeA licensee under the MLA or CDCA or partially exempt entity under the MLA.
MLAThe Mortgage Licensing Act (7 Pa.C.S. Chapter 61).
Mortgage brokerThe term as defined in section 6102 of the MLA (relating to definitions).
Mortgage loanThe term as defined in section 6102 of the MLA.
Mortgage loan modificationAn agreement which revises the terms of an existing mortgage loan, including an agreement to reduce mortgage loan payment amounts, balance or interest rate. A mortgage loan modification may also include an agreement to waive any accrued or prospective mortgage loan charges.
Mortgage originatorThe term as defined in section 6102 of the MLA.
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