§ 45-90. Definitions. - North Carolina Statutes

Article 10.

Mortgage Debt Collectionand Servicing.

§ 45‑90.  Definitions.

As used in this Article, thefollowing definitions apply:

(1)        Home loan. – A loansecured by real property located in this State used, or intended to be used, byan individual borrower or individual borrowers in this State as a dwelling,regardless of whether the loan is used to purchase the property or refinancethe prior purchase of the property or whether the proceeds of the loan are usedfor personal, family, or business purposes.

(2)        Servicer. – A"servicer" as defined in the Real Estate Settlement Procedures Act,12 U.S.C. § 2605(i). A licensed attorney, who in the practice of law orperforming as a trustee, accepts payments related to a loan closing, default,foreclosure, or settlement of a dispute or legal claim related to a loan, shallnot be considered a servicer for the purposes of this Article. (2007‑351, s. 5.)