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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 52 Pa.B. 6342 (October 1, 2022).

10 Pa. Code § 59.3. Definitions.

§ 59.3. Definitions.

 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—A 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 12 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).


   The provisions of this §  59.3 amended September 24, 2021, effective September 25, 2021, 51 Pa.B. 6145. Immediately preceding text appears at serial pages (391217) to (391219).

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