49 Pa. Code § 35.401

Current through Register Vol. 54, No. 45, November 9, 2024
Section 35.401 - Definitions

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise:

Automated valuation model-Any computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer's principal dwelling.

Broker price opinion-An estimate prepared by a broker, associate broker or salesperson that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property's condition, market and neighborhood, and information on comparable sales, but does not include an automated valuation model.

Short sale-A sale of real property in which the seller's proceeds are less than the amount required to pay off all liens secured by the property.

49 Pa. Code § 35.401