N.Y. Comp. Codes R. & Regs. tit. 3 § 422.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 422.2 - Definitions

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:

(1) any corporation, organized under or subject to the provisions of article 3 of the New York Banking Law;

(2) any corporation organized under or subject to the provisions of article 11 of the New York Banking Law;

(3) any corporation organized under or subject to the provisions of article 6 of the New York Banking Law, including stock-form savings banks;

(4) any corporation organized under or subject to the provisions of article 10 of the New York Banking Law, including, but not limited to, stock-form savings and loan associations;

(5) a State-chartered branch and agency of a foreign bank subject to the provisions of article 5 of the New York Banking Law;

(6) any national banking association organized pursuant to the National Bank Act;

(7) any Federal savings association as such term is defined by the Federal Deposit Insurance Act, as amended (12 USC section 1813 [b][2]);

(8) a Federal branch and agency of a foreign bank, as such terms are defined by the International Banking Act of 1978, as amended (12 USC section 3101); or

(9) a Federal credit union, as such term is defined by the Federal Credit Union Act, as amended (12 USC section 1752 [1]).

(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:

(1) at three consecutive inspections of such property by the mortgagee or its agent, with each inspection conducted 25 to 35 days apart and at different times of the day:

(i) no occupant was present and there was no evidence of occupancy on the property to indicate that any persons are residing there; and

(ii) the residential real property was not being maintained in a manner consistent with the standards set forth in New York Property Maintenance Code chapter 3, sections 301, 302 (excluding 302.2, 302.6, 302.8), 304.1, 304.3, 304.7, 304.10, 304.12, 304.13, 304.15, 304.16, 307.1 and 308.1; or

(2) a court or other appropriate State or local governmental entity has formally determined, following due notice to the borrower at the property address and any other known addresses, that such residential real property is vacant and abandoned; or

(3) each borrower and owner has separately issued a sworn written statement, expressing his or her intent to vacate and abandon the property and an inspection of the property shows no evidence of occupancy to indicate that any persons are residing there.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 422.2

Adopted New York State Register December 21, 2016/Volume XXXVIII, Issue 51, eff. 12/21/2016