California Civil Code

§ 2920.5

CIV § 2920.5 Effective Jan 1, 2013Div. 3 · Title 14 · Part 4 · Ch. 2 · Art. 1

Statute text

For purposes of this article, the following definitions apply:

(a)“Mortgage servicer” means a person or entity who directly services a loan, or who is responsible for interacting with the borrower, managing the loan account on a daily basis including collecting and crediting periodic loan payments, managing any escrow account, or enforcing the note and security instrument, either as the current owner of the promissory note or as the current owner’s authorized agent. “Mortgage servicer” also means a subservicing agent to a master servicer by contract. “Mortgage servicer” shall not include a trustee, or a trustee’s authorized agent, acting under a power of sale pursuant to a deed of trust.

(b)“Foreclosure prevention alternative” means a first lien loan modification or another available loss mitigation option.

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Legislative history

Added by Stats. 2012, Ch. 87, Sec. 2. (SB 900) Effective January 1, 2013. See identical section added by Stats. 2012, Ch. 86.