source:
  type: regulation
  id: reg-x-1024.31
  authority: 12 CFR §1024.31 — Definitions (Regulation X)
  description: 12 CFR §1024.31 — Definitions.
  coverage_tier: context
obligations:
- id: reg-x-1024.31-full
  canonical_id: reg-x-1024.31-full
  section: 12 CFR §1024.31 — Definitions
  type: reference
  tags:
  - regulator-direct
  - respa
  - corpus-expansion
  - tier-context
  primary_source:
    tier: 1
    authority: 12 CFR §1024.31 — Definitions
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/1024.31
    snapshot_id: a936c9848b74f8e5
    fetched_at: '2026-06-17T17:21:38Z'
    content_hash: sha256:76d37b8cd69bbe82eb74bb14ec384293dfc7b2b5bdfb5a78b6d039486355bb4e
    paragraph_quote: '§ 1024.31 Definitions. For purposes of this subpart: Confirmed
      successor in interest means a successor in interest once a servicer has confirmed
      the successor in interest ''s identity and ownership interest in a property
      that secures a mortgage loan subject to this subpart. Consumer reporting agency
      has the meaning set forth in section 603 of the Fair Credit Reporting Act ,
      15 U.S.C. 1681a . Day means calendar day . Delinquency means a period of time
      during which a borrower and a borrower''s mortgage loan obligation are delinquent.
      A borrower and a borrower''s mortgage loan obligation are delinquent beginning
      on the date a periodic payment sufficient to cover principal, interest, and,
      if applicable, escrow becomes due and unpaid, until such time as no periodic
      payment is due and unpaid. Hazard insurance means insurance on the property
      securing a mortgage loan that protects the property against loss caused by fire,
      wind, flood, earthquake, theft, falling objects, freezing, and other similar
      hazards for which the owner or assignee of such loan requires insurance. Loss
      mitigation application means an oral or written request for a loss mitigation
      option that is accompanied by any information required by a servicer for evaluation
      for a loss mitigation option . Loss mitigation option means an alternative to
      foreclosure offered by the owner or assignee of a mortgage loan that is made
      available through the servicer to the borrower. Master servicer means the owner
      of the right to perform servicing . A master servicer may perform the servicing
      itself or do so through a subservicer . Mortgage loan means any federally related
      mortgage loan , as that term is defined in § 1024.2 subject to the exemptions
      in § 1024.5(b) , but does not include open-end lines of credit (home equity
      plans). Qualified written request means a written correspondence from the borrower
      to the servicer that includes, or otherwise enables the servicer to identify,
      the name and account of the borrower, and either: (1) States the reasons the
      borrower believes the account is in error; or (2) Provides sufficient detail
      to the servicer regarding information relating to the servicing of the mortgage
      loan sought by the borrower. Reverse mortgage transaction has the meaning set
      forth in 12 CFR 1026.33 (a). Service provider means any party retained by a
      servicer that interacts with a borrower or provides a service to the servicer
      for which a borrower may incur a fee. Subservicer means a servicer that does
      not own the right to perform servicing , but that performs servicing on behalf
      of the master servicer . Successor in interest means a person to whom an ownership
      interest in a property securing a mortgage loan subject to this subpart is transferred
      from a borrower, provided that the transfer is: (1) A transfer by devise, descent,
      or operation of law on the death of a joint tenant or tenant by the entirety;
      (2) A transfer to a relative resulting from the death of a borrower; (3) A transfer
      where the spouse or children of the borrower become an owner of the property;
      (4) A transfer resulting from a decree of a dissolution of marriage, legal separation
      agreement, or from an incidental property settlement agreement, by which the
      spouse of the borrower becomes an owner of the property; or (5) A transfer into
      an inter vivos trust in which the borrower is and remains a beneficiary and
      which does not relate to a transfer of rights of occupancy in the property.
      Transferee servicer means a servicer that obtains or will obtain the right to
      perform servicing pursuant to an agreement or understanding. Transferor servicer
      means a servicer , including a table-funding mortgage broker or dealer on a
      first- lien dealer loan, that transfers or will transfer the right to perform
      servicing pursuant to an agreement or understanding. [ 78 FR 10876 , Feb. 14,
      2013, as amended at 81 FR 72370 , Oct. 19, 2016; 86 FR 34899 , June 30, 2021;
      90 FR 20792 , May 16, 2025]'
  judgment: false
