§454M-1 Definitions. In this chapter, unless the context or subject matter otherwise requires:
"Applicant" means a person applying for a license under this chapter.
"Bankruptcy code" refers to the United States Bankruptcy Code, title 11 United States Code, section 101 et seq., as amended.
"Borrower" means the obligor, maker, cosigner, or guarantor under a mortgage loan agreement. For purposes of this chapter, a borrower may also be referred to as a consumer.
"Business day" means Monday through Friday, excluding state holidays.
"C.F.R." means the Code of Federal Regulations.
"Commissioner" means the commissioner of financial institutions of this State.
"Consumer Financial Protection Bureau" means the agency of the United States government referenced in title 12 United States Code chapter 53, subchapter V.
"Division of financial institutions" or "division" means the division of financial institutions of the department of commerce and consumer affairs.
"Home Affordable Modification Program" means the program established by the United States Department of the Treasury, pursuant to sections 101 and 109 of the Emergency Economic Stabilization Act of 2008, as section 109 of the Act has been amended by section 7002 of the American Recovery and Reinvestment Act of 2009. The Home Affordable Modification Program is a component of the Making Home Affordable Program, also known as the MHA Program.
"License" means a license issued under this chapter.
"Licensee" means a person licensed or required to be licensed under this chapter.
"Loan modification" means a temporary or permanent change to the terms of a borrower's existing mortgage loan agreement, mutually agreed to between a borrower and a lender.
"Loss mitigation option" means an alternative to foreclosure, including loan modification, reinstatement, forbearance, deed-in-lieu, and short sale.
"Mortgage servicer" means the person responsible for collecting, receiving, and processing any scheduled periodic payments from a borrower pursuant to the terms of any residential mortgage loan, including amounts for escrow accounts under the Real Estate Settlement Procedures Act, and for making the payments to the owner of the loan or other third parties of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage servicing loan documents or servicing contract. In the case of a home equity conversion mortgage or reverse mortgage as referenced in this chapter, servicing includes making payments to the borrower.
"NMLS" means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the state licensing and registration of state-licensed loan originators and other financial services providers, or any system provided by the Consumer Financial Protection Bureau.
"Person" means an individual, partnership, corporation, association, or other organization.
"Principal office" means the office location where the company's core executive and administrative functions are primarily carried out.
"Real Estate Settlement Procedures Act" means title 12 United States Code chapter 27, as amended, and regulations adopted thereunder also known as Regulation X, title 12 C.F.R. part 1024.
"Received" means, in the context of the date of payment, the date that the payment instrument or other means of payment reaches the mortgage servicer, in accordance with title 12 C.F.R. section 1026.36(c).
"Residential mortgage loan" means a mortgage loan, home equity loan, or reverse mortgage loan, that is secured by a first or subordinate lien on residential real property located in Hawaii, including a refinancing of any secured loan on residential real property located in Hawaii, upon which:
(1) There is or will be constructed a structure or structures designed principally for occupancy by one to four families, including individual units of condominiums and cooperatives; or
(2) A manufactured home is located or will be placed on the real property, using proceeds of the loan.
"Servicing" means the business activity of a mortgage servicer. [L 2009, c 106, pt of §1; am L 2012, c 245, §2; am L 2013, c 92, §2; am L 2015, c 62, §2]
Section: 454m-1 454m-2 454m-2.5 454m-3 454m-4 454m-4.5 454m-5 454m-5.5 454m-6 454m-7 454m-8 454m-8.5 454m-9 454m-10 454m-11 NextLast modified: October 27, 2016