P.R. Laws tit. 17, § 1541
For purposes of this chapter, the following terms shall have the meaning stated hereinbelow:
(a) PRHFA.— Means the Housing Finance Authority, a public corporation attached to, and a subsidiary of the Government Development Bank for Puerto Rico.
(b) GDB.— Means the Government Development Bank for Puerto Rico.
(c) Executive Director.— The Executive Director of the Puerto Rico Housing Finance Authority (PRHFA).
(d) FDIC.— Means the Federal Deposit Insurance Corporation.
(e) FED.— Means the Federal Reserve System.
(f) Guarantee fee.— Insurance to guarantee payment to the investor.
(g) HUD.— Means the U.S. Department of Housing and Urban Development.
(h) OCIF.— Means the Office of the Commissioner of Financial Institutions.
(i) Servicing.— Means the management of mortgage loans described herein. It may include the calculation of principal and interest, the collection of payments from the borrower, custody of the accounts, and foreclosure of loans, among others.
(j) Servicing fees.— Means the charge for managing the loan.
(k) Shipping.— Means the process of packaging loans in pools to sell the portfolios in the market.
History —Aug. 12, 2011, No. 184, § 2.