10 Pa. Code § 49.1
Applicant-A person who submits an application for a reverse mortgage loan.
CDCA-The Consumer Discount Company Act (7 P. S. §§ 6201-6219).
Disbursements-Disbursements made by a licensee or assignee at or after the closing of a mortgage loan, including advances made on a reverse mortgage line of credit, regularly scheduled payments under a reverse mortgage loan and advances used to pay property charges.
FHA-The Federal Housing Administration.
HUD-The United States Department of Housing and Urban Development.
Hazard insurance-Insurance that covers property damage caused by fire, wind, storms and other similar risks.
Insured reverse mortgage loan-A reverse mortgage loan insured by the Federal government or agency or instrumentality thereof.
Licensee-A licensee under the MLA or CDCA or partially-exempt entity under the MLA.
MLA-The Mortgage Licensing Act (7 Pa.C.S. Chapter 61).
Maturity of a reverse mortgage loan-The date on which full repayment of the reverse mortgage loan is due.
Mortgage loan-A mortgage loan as defined in section 6102 of the MLA (relating to definitions) or a loan involving a mortgage made by a licensee under the CDCA, or both, as the context may require.
Mortgage originator-A mortgage originator as defined in section 6102 of the MLA.
Net worth-Assets less liabilities and assets unacceptable to HUD for purposes of complying with 24 CFR 202.5(n) or 202.8(b)(1) (relating to general approval standards; and loan correspondent lenders and mortgagees), as applicable.
Person-A person as defined in section 6102 of the MLA and section 2 of the CDCA (7 P. S. § 6202), as applicable.
Property charge set aside account-Funds set aside by the borrower to pay for property charges.
Property charges-Property taxes, hazard insurance and other charges required by the lender to be paid by the borrower.
Property taxes-The taxes assessed, or a reasonable estimate of the taxes to be assessed, on the property being mortgaged based upon the assessed value of the property and any improvements thereon.
Proprietary reverse mortgage lender-A licensee which makes proprietary reverse mortgage loans.
Proprietary reverse mortgage loan-A reverse mortgage loan that is not an insured reverse mortgage loan or single-purpose reverse mortgage loan.
Reverse mortgage loan-A mortgage loan that is a reverse mortgage transaction as defined in 12 CFR 226.33(a) (relating to requirements for reverse mortgages).
Service or servicing-Remitting payments to borrowers, or collecting or remitting payments for another of principal, interest, taxes, insurance and any other payments pursuant to a mortgage loan.
Single-purpose reverse mortgage loans -Reverse mortgage loans which are made by state or local governments or nonprofit organizations where the loan proceeds are to be used for a specified purpose.
Tenure reverse mortgage loan-A reverse mortgage loan where advances are made to the borrower for a period of time until the maturity of the reverse mortgage loan.
Term reverse mortgage loan-A reverse mortgage loan where advances are made to the borrower for a specified period of time.
10 Pa. Code § 49.1