Idaho Code 26-31-214 – Notice of Transfer
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 26-31-214
- Borrower: means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf the activities set forth in section 26-31-201(3), (5) or (7) or 26-31-303(7), Idaho Code, are conducted. See Idaho Code 26-31-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage lender: means any nonexempt organization that makes residential mortgage loans to borrowers and performs the activities described in subsection (7) of this section. See Idaho Code 26-31-201
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: means a natural person, corporation, company, limited liability company, partnership or association. See Idaho Code 26-31-102
- Residential mortgage loan: means any loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(w) of the truth in lending act, located in Idaho, or on residential real estate. See Idaho Code 26-31-102
- Servicing: means collecting payments of principal, interest, or any other payment obligations required pursuant to the terms of a residential mortgage loan. See Idaho Code 26-31-201
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Except as otherwise provided for in the truth in lending act, the real estate settlement procedures act, regulation X, or regulation Z, a mortgage lender shall provide notice to the borrower within fifteen (15) days after any sale or assignment of the borrower’s residential mortgage loan to another person wherein the mortgage lender does not retain the loan servicing. A mortgage lender purchasing or receiving assignment of a residential mortgage loan with servicing shall provide to the borrower within thirty (30) days a written statement describing policies relating to the reserve account.