Section 230-RICR-40-10-4.4 - DefinitionsA. As used in §§ 4.5 through 4.7 of this Part the following terms have the following meanings: 1. "Certificate authorizing foreclosure" means the form provided in a bulletin issued by the Department for that purpose, providing that the Mortgagee has complied with the mediation requirement of R.I. Gen. Laws § 34-27-9.2. "Days" means calendar days.3. "Default" means the failure of the mortgagor to make a timely payment of an amount due under the terms of the mortgage contract, which failure has not been subsequently cured.4. "Delinquency" means delinquency as defined in terms of the underlying note.5. "Department" means the Rhode Island Department of Business Regulation, Division of Banking.6. "Division" means the Rhode Island Department of Business Regulation Division of Banking.7. "Eligible workout agreement" means an agreement between a Mortgagor and Mortgagee (including but not limited to a temporary or permanent loan modification, a short sale, or a deed-in-lieu of foreclosure) which would result in a net financial benefit to the Mortgagor as compared to the terms of the original Mortgage, or is otherwise in the best interests of the Mortgagor.8. "Headquartered in Rhode Island" means an entity whose national or international corporate office or main administrative office or center of operations is located in Rhode Island (whether or not such functions are in located in one location or in separate locations within Rhode Island) and is the office from which decision-making functions are performed and orders issued (including decisions and orders regarding mortgage servicing and foreclosure).9. "HUD" means the United States Department of Housing and Urban Development and any successor to such department.10. "Individual consumer mortgagor" means a natural person who is a Mortgagor owing or indebted pursuant to a loan secured by Residential Real Estate as defined herein, regardless of whether loan proceeds are used for business or personal purposes.11. "Locally-based mortgagee" means a Rhode Island-based Mortgagee with Headquarters in Rhode Island or with a physical office or offices exclusively in Rhode Island from which it carries out full-service mortgage operations including acceptance and processing of mortgage payments and the provision of local customer service and loss mitigation and where Rhode Island staff have the authority to approve loan restructuring and other loss mitigation strategies.12. "Mediation conference" means a conference involving the mortgagee and mortgagor, coordinated and facilitated by a mediation coordinator whose purpose is to determine whether an alternative to foreclosure is economically feasible to both the mortgagee and the mortgagor, and if it is determined that an alternative to foreclosure is economically feasible, to facilitate a loan workout or other solution in an effort to avoid foreclosure.13. "Mediation coordinator" means a person employed by a Rhode Island based HUD approved counseling agency designated to serve as the unbiased, impartial, and independent coordinator and facilitator of the mediation conference, with no authority to impose a solution or otherwise act as a consumer advocate, provided that such person possesses the experience and qualifications established in § 4.6 of this Part. R.I. Housing shall be deemed qualified to perform Mediation Coordination functions in the State of Rhode Island for purposes of compliance with R.I. Gen. Laws § 34-27-9.14. "Mortgage" means an individual consumer first-lien mortgage (that was originated as first-lien) on any owner occupied, one (1) to four (4) unit residential property that serves as the mortgagor's primary residence.15. "Mortgagee" means the holder of a mortgage (e.g. the lender, mortgage-creditor, or mortgage-holder) or its agent or employee including a mortgage servicer acting on behalf of a mortgagee.16. "Mortgagor" means the person that has signed a mortgage in order to secure a debt or other duty, or the heir or devisee of such person provided that: a. The heir or devisee occupies the property as his or her primary residence; andb. The heir or devisee has record title to the property or a representative of the estate of the mortgagor has been appointed by a body having jurisdiction over the estate with authority to participate in a mediation conference.17. "Notice of mediation conference" means Form 34-27-9 provided in a bulletin issued by the Department for that purpose. (in English, Portuguese, and Spanish) or a form substantially similar to Form 34-27-9 sent to the Mortgagor of the property at issue in the foreclosure proceeding when a Mortgage is not more than one-hundred twenty (120) days delinquent or, if applicable, within sixty (60) days after the date upon which the loan is released from the protection of the automatic stay in a bankruptcy proceeding, or any similar injunctive order issued by a state or federal court or if applicable, within sixty (60) days after the date upon which the loan is released from protections of the Servicemembers Civil Relief Act, 50 U.S.C. § 501et seq., or R.I. Gen. Laws § 34-27-4(d).18. "Reasonable time" means 14 calendar days unless extended for good cause by the Mediation Coordinator19. "Residential real estate" means real property located in Rhode Island having between one (1) and four (4) dwelling units of which at least one is occupied by the Mortgagor. An individual owner-occupied residential condominium unit is included within this definition.230 R.I. Code R. 230-RICR-40-10-4.4
Amended effective 10/15/2024