17:16F-28 Definitions relative to mortgage servicers.
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/nj/title-17/chapter-16f/17-16f-28A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2. As used in this act:
"Branch office" means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a mortgage servicer.
"Commissioner" means the Commissioner of Banking and Insurance.
"Control" means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract or otherwise.
"Control person" means an individual that directly or indirectly exercises control over any person that:
(1)is a director, general partner or executive officer;
(2)in the case of a corporation, directly or indirectly has the right to vote 10 percent or more of a class of any voting security or has the power to sell or direct the sale of 10 percent or more of any class of voting securities;
(3)in the case of a limited liability company, is a managing member; or
(4)in the case of a partnership, has the right to receive upon dissolution, or has contributed, 10 percent or more of the capital, shall be presumed to be a control person.
"Department" means the Department of Banking and Insurance.
"Individual" means a natural person.
"Mortgage servicer" means:
(1)any person, wherever located, who, for the person or on behalf of the holder of a residential mortgage loan, receives payments of principal and interest in connection with a residential mortgage loan, records the payments on the person's books and records and performs the other administrative functions as may be necessary to properly carry out the mortgage holder's obligations under the mortgage agreement including, when applicable, the receipt of funds from the mortgagor to be held in escrow for payment of real estate taxes and insurance premiums and the distribution of the funds to the taxing authority and insurance company; and
(2)includes a person who makes payments to borrowers pursuant to the terms of a home equity conversion mortgage or reverse mortgage.
"Mortgagee" means the grantee of a residential mortgage, provided if the residential mortgage has been assigned of record, "mortgagee" means the last person to whom the residential mortgage has been assigned of record.
"Mortgagor" means any person obligated to repay a residential mortgage loan.
"Office" means a main office or branch office.
"Residential mortgage loan" means a loan made to a natural person or persons to whom credit is offered or extended primarily for personal, family or household purposes which is secured by a mortgage constituting a lien upon real property located in this State on which there is erected or to be erected a structure containing one, two, three, four, five, or six dwelling units, a portion of which structure may be used for nonresidential purposes, in the making of which the mortgagee relies primarily upon the value of the mortgaged property.
"Residential mortgage lender" means the same as "residential mortgage lender" as defined in section 3 of P.L.2009, c.53 (C.17:11C-53).
L.2019, c.65, s.2.