Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS
Subject 80-11-6 - MORTGAGE SERVICING
Rule 80-11-6-.01 - Definitions
Universal Citation: GA Rules and Regs r 80-11-6-.01
Current through Rules and Regulations filed through September 23, 2024
(1) As used in Chapter 80-11-6, the terms that are defined in O.C.G.A. §§ 7-1-4 and 7-1-1000 shall have the identical meaning.
(2) As used in Chapter 80-11-6, the below terms shall be defined as follows unless the term is otherwise defined in a specific rule:
(a) "Complete loss mitigation application" means an application in which a servicer has received all of the information that the servicer requires from a borrower in evaluating applications for loss mitigation options available to the borrower. A servicer shall exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application.
(b) "Notice of error" means any written notice from the borrower that asserts an error and that includes the name of the borrower, information that enables the servicer to identify the borrower's mortgage loan account, and the error the borrower believes has occurred. A notice on a payment coupon or other payment form supplied by the servicer need not be treated by the servicer as a notice of error.
O.C.G.A. §§ 7-1-61; 7-1-1012.
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