12 CFR §1024.30 — Scope (Regulation X)
12 CFR §1024.30 — Scope.
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Verbatim regulatory text
Verbatim provisions from 12 CFR §1024.30 — Scope (Regulation X) — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
12 CFR §1024.30 — Scope
§ 1024.30 Scope. (a) In general. Except as provided in paragraphs (b) and (c) of this section, this subpart applies to any mortgage loan , as that term is defined in § 1024.31 . (b) Exemptions. Except as otherwise provided in § 1024.41(j) , §§ 1024.38 through 1024.41 of this subpart shall not apply to the following: (1) A servicer that qualifies as a small servicer pursuant to 12 CFR 1026.41 (e)(4); (2) A servicer with respect to any reverse mortgage transaction as that term is defined in § 1024.31 ; and (3) A servicer with respect to any mortgage loan for which the servicer is a qualified lender as that term is defined in 12 CFR 617.7000 . (c) Scope of certain sections. (1) Section 1024.33(a) only applies to reverse mortgage transactions. (2) The procedures set forth in §§ 1024.39 through 1024.41 of this subpart only apply to a mortgage loan that is secured by a property that is a borrower's principal residence. (d) Successors in interest. A confirmed successor in interest shall be considered a borrower for purposes of § 1024.17 and this subpart. [ 78 FR 10876 , Feb. 14, 2013, as amended at 78 FR 60437 , Oct. 1, 2013; 78 FR 80104 , Dec. 31, 2013; 81 FR 72370 , Oct. 19, 2016]