21 Pa. Stat. § 721-2

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 721-2 - Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Mortgage." Any instrument or document recorded or presented for recording in the office of the recorder of deeds, or other official in charge of recording mortgages, in any county of this Commonwealth which creates or purports to create a specific lien on any real property within such county.

"Mortgage servicer." The last person to whom a mortgagor has been instructed by a mortgagee or prior servicer to send payments for the loan secured by a mortgage. A person lawfully transmitting a payoff statement is considered the mortgage servicer for the mortgage described in the payoff statement.

"Mortgagee."

(1) The current holder of record of the mortgage or the current holder of the mortgage or note;

(2) a mortgage servicer; or

(3) the personal representatives, agents, nominees, successors or assigns of the current holder of the mortgage or note.

"Payoff statement." A statement issued by a mortgagee or agent of the mortgagee of the amount of the unpaid balance of a loan secured by a mortgage, including principal, interest and other charges properly assessed under the loan documentation of the mortgage and interest on a per diem basis for the unpaid balance.

"Real property." Lands, tenements, buildings and parts thereof or any interest therein, condominiums and real estate cooperatives.

"Residential mortgage." A mortgage creating a specific lien upon real estate within this Commonwealth containing four or fewer residential units, including residential condominium or cooperative units.

"Settlement officer." A natural person:

(1) who is:

(i) licensed by the Insurance Department as a title insurance agent;

(ii) an employee of a title insurance company authorized to do business in this Commonwealth by the Insurance Department; or

(iii) an attorney-at-law licensed to practice in this Commonwealth; and

(2) who conducted a settlement or under whose direct supervision a settlement was conducted in which a mortgage was paid in full in accordance with the payoff statement provided by the mortgagee.

21 P.S. § 721-2

2002, Dec. 9, P.L. 1530, No. 197, § 2, effective in 60 days.