Section 47.1. Definitions

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

Acts—The MLA and the CDCA.

Advance fee—Any funds requested by or to be paid to a licensee in advance of or during the processing of a mortgage loan modification.

CDCA—The Consumer Discount Company Act (7 P. S. § § 6201—6221).

Government agency—A Federal, State or local government agency, including the United States Department of Housing and Urban Development and the Pennsylvania Housing Finance Agency.

Licensee—A licensee under the MLA or CDCA or partially exempt entity under the MLA.

MLA—The Mortgage Licensing Act (7 Pa.C.S. Chapter 61).

Mortgage broker—The term as defined in section 6102 of the MLA (relating to definitions).

Mortgage loan—The term as defined in section 6102 of the MLA.

Mortgage loan modification—An agreement which revises the terms of an existing mortgage loan, including an agreement to reduce mortgage loan payment amounts, balance or interest rate. A mortgage loan modification may also include an agreement to waive any accrued or prospective mortgage loan charges.

Mortgage originator—The term as defined in section 6102 of the MLA.