New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 422 - Inspecting, Securing and Maintaining Vacant and Abandoned Residential Real Property
Section 422.2 - Definitions
Current through Register Vol. 46, No. 12, March 20, 2024
As used in this Part:
(a) Mortgage means a lien upon residential real property as is commonly given to secure advances on, or the unpaid purchase price of, real property under the laws of this State, together with the credit instrument or instruments, if any, secured thereby.
(b) Mortgagee means the holder of a mortgage and/or note secured by residential real property, including, as applicable, the original lender under a mortgage, its successors and assigns, and the holders of credit instruments issued under a trust indenture, mortgage or deed of trust pursuant to which such holders act by and through a trustee therein named.
(c) Assignee means a current mortgagee if different from the original mortgagee.
(d) Mortgage maintenance means the continued ownership of a mortgage and/or note by the person or entity that originated that mortgage.
(e) Mortgage origination means for compensation or gain, either directly or indirectly, advancing funds to an applicant for a mortgage loan or a mortgagor as a mortgage loan.
(f) Mortgage servicing means receiving any scheduled periodic payments from a borrower pursuant to the terms of any mortgage loan, including amounts for escrow accounts, subject to section 6-k of the Banking Law, title 3-A of article IX of the Real Property Tax Law or section 10 of 12 U.S.C. 2609. In the case of a reverse mortgage as referenced in section 6-h of the Banking Law, sections 280 and 280-a of the Real Property Law, servicing includes making payments to the borrower or having been delegated by the mortgagee as responsible for oversight and maintenance of the mortgage even though payments are no longer being made to the borrower. The term includes making or holding a mortgage loan if such activities directly or indirectly include holding the mortgage servicing rights or having been delegated servicing functions for the mortgage loan.
(g) Public official means a member of the New York State Legislature, a member of the elected governing body of a county, town, village or city, and in the City of New York, the city council, and the highest ranking elected executive official of a county, city, town or village.
(h) Residential real property means real property located in this State improved by any building or structure that is or may be used, in whole or in part, by not less than one nor more than four families.
(i) State or federally chartered bank, savings bank, savings and loan association, or credit union means one of the following:
(j) Servicer or mortgage loan servicer means an individual or entity engaged in mortgage servicing.
(k) Vacant and abandoned means residential real property as to which at least one of the following three conditions applies: