{"data":{"id":"us/12-cfr-1024.31","jurisdiction":"us","citation":"12 CFR 1024.31","heading":"Definitions.","body":"For purposes of this subpart:\nConfirmed successor in interest means a successor in interest once a servicer has confirmed the successor in interest's identity and ownership interest in a property that secures a mortgage loan subject to this subpart.\nConsumer reporting agency has the meaning set forth in section 603 of the Fair Credit Reporting Act, 15 U.S.C. 1681a.\nDay means calendar day.\nDelinquency means a period of time during which a borrower and a borrower's mortgage loan obligation are delinquent. A borrower and a borrower's mortgage loan obligation are delinquent beginning on the date a periodic payment sufficient to cover principal, interest, and, if applicable, escrow becomes due and unpaid, until such time as no periodic payment is due and unpaid.\nHazard insurance means insurance on the property securing a mortgage loan that protects the property against loss caused by fire, wind, flood, earthquake, theft, falling objects, freezing, and other similar hazards for which the owner or assignee of such loan requires insurance.\nLoss mitigation application means an oral or written request for a loss mitigation option that is accompanied by any information required by a servicer for evaluation for a loss mitigation option.\nLoss mitigation option means an alternative to foreclosure offered by the owner or assignee of a mortgage loan that is made available through the servicer to the borrower.\nMaster servicer means the owner of the right to perform servicing. A master servicer may perform the servicing itself or do so through a subservicer.\nMortgage loan means any federally related mortgage loan, as that term is defined in § 1024.2 subject to the exemptions in § 1024.5(b), but does not include open-end lines of credit (home equity plans).\nQualified written request means a written correspondence from the borrower to the servicer that includes, or otherwise enables the servicer to identify, the name and account of the borrower, and either:\n(1) States the reasons the borrower believes the account is in error; or\n(2) Provides sufficient detail to the servicer regarding information relating to the servicing of the mortgage loan sought by the borrower.\nReverse mortgage transaction has the meaning set forth in 12 CFR 1026.33(a).\nService provider means any party retained by a servicer that interacts with a borrower or provides a service to the servicer for which a borrower may incur a fee.\nSubservicer means a servicer that does not own the right to perform servicing, but that performs servicing on behalf of the master servicer.\nSuccessor in interest means a person to whom an ownership interest in a property securing a mortgage loan subject to this subpart is transferred from a borrower, provided that the transfer is:\n(1) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;\n(2) A transfer to a relative resulting from the death of a borrower;\n(3) A transfer where the spouse or children of the borrower become an owner of the property;\n(4) A transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property; or\n(5) A transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property.\nTransferee servicer means a servicer that obtains or will obtain the right to perform servicing pursuant to an agreement or understanding.\nTransferor servicer means a servicer, including a table-funding mortgage broker or dealer on a first- lien dealer loan, that transfers or will transfer the right to perform servicing pursuant to an agreement or understanding.","path":["Title 12—Banks and Banking","CHAPTER X—CONSUMER FINANCIAL PROTECTION BUREAU","PART 1024—REAL ESTATE SETTLEMENT PROCEDURES ACT (REGULATION X)","Subpart C—Mortgage Servicing"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-12.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:16Z","sha256":"9ce0a264db71d75b0c22ada461284857cddb6dafc73ef81f17e2b3cad4da465a","source_id":"us-cfr","stale":true,"prev":"us/12-cfr-1024.30","next":"us/12-cfr-1024.32"},"notice":"GroundRules: Original legal text. Not legal advice."}