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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-C. BANKING AND FINANCIAL INSTITUTONS |
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Chapter 26-C27. FORECLOSURE MEDIATION |
Section 26-C2799. DEFINITIONS
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2799.1When used in this chapter, the words and phrases shall have the meanings ascribed:
Act – Saving D.C. Homes from Foreclosure Amendment Act of 2010, effective March 12, 2011 (D.C. Law 18-314; D.C. Official Code §§ 42-815, et seq. (2011 Supp.)).
Borrower- a residential mortgage borrower and, if different from the residential mortgage borrower, the person who holds record title.
Commissioner - Commissioner of the Department of Insurance, Securities and Banking.
Community Bank – A depository institution with aggregate assets of less than one billion dollars.
Condominium - a single dwelling unit in a horizontal property regime.
Cooperative unit – a single dwelling unit in residential real property owned by a housing cooperative association and occupied by a member of the association which, by reason of ownership of a stock or membership certificate, a proprietary lease or other evidence of membership in the housing cooperative association.
Date of mailing - The date when a document is delivered to the United States Postal Service for mailing.
Days – Calendar days unless otherwise provided.
Department - Department of Insurance, Securities and Banking.
District - District of Columbia.
Federal Deposit Insurance Corporation Loan Modification Program – The IndyMac Loan Modification Program established by the Federal Deposit Insurance Corporation.
Lender - a residential mortgage lender or trustee.
Loss Mitigation Application – Form FM-1LM, which is available on the Commissioner's website at http://disb.dc.gov, or a functionally equivalent loss mitigation application form that has been approved by the Commissioner.
Mediation party - A borrower or a lender with respect to a residential mortgage that is subject to mediation pursuant to the Act.
Mediation services – Include, but are not limited to, the selection and employment of a mediator, foreclosure mediation training, supplies and material relating to the foreclosure mediation program.
Mediator– An individual, law firm, or other organization consisting of a group of attorneys which provides mediator services pursuant to this chapter.
Mortgage - a lien instrument, including a mortgage or deed of trust, with at least two (2) parties, in which the borrower grants a lien on residential real property to the lender as security for the repayment of a note or loan.
Notice of Default on Residential Mortgage – Form FM-1, which is available on the Commissioner's website at http://disb.dc.gov.
Notice of Intention to Foreclose a Residential Mortgage – Form FM-5, which is available on the Commissioner's website at http://disb.dc.gov.
Qualified facilitator - a person or company that provides and/or delivers mediation services in order to meet the objectives and requirements of the Act.
Residential mortgage – A loan secured by a deed of trust or mortgage used to acquire or refinance real property which is improved by four (4) or fewer units, including condominium or cooperative units but shall not include debts incurred and currently obligating a business entity exclusively, as defined by D.C. Official Code § 29-101.02(7). This term includes a security interest established in connection with the financing of a housing cooperative unit.