California Code of Regulations
Title 10 - Investment
Chapter 6 - Real Estate Commissioner
Article 16.5 - California Foreclosure Prevention Act
Subarticle 1 - Requirements
Section 2850.1 - Scope of Regulations
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) This article clarifies the application of Civil Code Sections 2923.52 and 2923.53, and sets forth the minimum requirements for a comprehensive loan modification program under Civil Code Section 2923.53, in order for a mortgage loan servicer to obtain an order of exemption from Civil Code Section 2923.52.
(b) The modification of loans in conformance with the Home Affordable Modification Program Guidelines issued by the U.S. Department of the Treasury on March 4, 2009, as amended (the "Guidelines"), shall constitute the implementation of a comprehensive loan modification program that meets the requirements of subdivision (a) of Civil Code Section 2923.53, and shall be deemed to meet all of the requirements in this subarticle (including Sections 2850.2, 2850.3, 2850.4, 2850.5, and 2850.6 of these rules). All other comprehensive loan modification programs shall comply with the minimum standards in this subarticle to obtain an order from the Commissioner for exemption from Civil Code Section 2923.52.
(c) For purposes of this article, "residential mortgage loan" shall mean any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act) or residential real estate upon which is constructed a dwelling (as so defined).
(d) For purposes of this article, "borrower" shall mean a person who was the original obligor on the note or other secured obligation primarily for personal, family or household use and who is the trustor or mortgagor under the security device. "Borrower" includes a person who has formally assumed the secured obligations with the written consent of the beneficiary or mortgagee.
1. New article
16.5 (subarticles 1-4, sections 2850.1-2850.10) subarticle 1 (sections
2850.1-2850.6) and section filed 6-1-2009 as an emergency; operative 6-1-2009
(Register 2009, No. 23). A Certificate of Compliance must be transmitted to OAL by
11-30-2009 or emergency language will be repealed by operation of law on the
following day.
2. New article 16.5 (subarticles 1-4, sections
2850.1-2850.10) subarticle 1 (sections 2850.1-2850.6) and section refiled 12-1-2009
as an emergency; operative 12-1-2009 (Register 2009, No. 49). A Certificate of
Compliance must be transmitted to OAL by 3-1-2010 or emergency language will be
repealed by operation of law on the following day.
3. Certificate of
Compliance as to 12-1-2009 order, including amendment of subsections (a) and (b),
transmitted to OAL 2-22-2010 and filed 4-6-2010 (Register 2010, No.
15).
Note: Authority cited: Section 2923.53(d), Civil Code. Reference: Sections 2923.52 and 2923.53, Civil Code.
