Florida Statutes 627.9903 – Definitions
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Terms Used In Florida Statutes 627.9903
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Investor: means a person or an entity, or an affiliate thereof, holding a beneficial interest in loans secured by real property. See Florida Statutes 627.9903
- Lender: means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property. See Florida Statutes 627.9903
- Lien: A claim against real or personal property in satisfaction of a debt.
- Master collateral protection insurance policy: means a group policy issued to a lender or servicer which provides coverage for all loans in the lender's or servicer's loan portfolio as needed. See Florida Statutes 627.9903
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage agreement: means the written document setting forth an obligation or a liability of any kind secured by a lien on real property and due from, owing by, or incurred by a mortgagor to a lender on account of a mortgage loan, which document includes the security agreement, the deed of trust, other documents of similar effect, and any other document incorporated by reference. See Florida Statutes 627.9903
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Mortgagor: means a person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Florida Statutes 627.9903
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Replacement cost value: means the estimated cost to replace covered property at the time of loss or damage without deduction for depreciation. See Florida Statutes 627.9903
- Servicer: means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. See Florida Statutes 627.9903
As used in this part, the term:
(1) “Affiliate” has the same meaning as in s. 624.10.
(2) “Collateral protection insurance” has the same meaning as in s. 624.6085, provided that for purposes of this part, the term applies only to mortgaged real property and not to personal property.
(3) “Individual collateral protection insurance” means coverage for individual real property evidenced by a certificate of coverage under a master collateral protection insurance policy or a collateral protection insurance policy for individual real property.
(4) “Insurance agent” has the same meaning as the term “agent” in s. 626.015.
(5) “Insurer” has the same meaning as in s. 624.03, provided that for purposes of this part, the term is limited to an insurer, or an affiliate of the insurer, authorized to issue collateral protection insurance on mortgaged real property in this state.
(6) “Investor” means a person or an entity, or an affiliate thereof, holding a beneficial interest in loans secured by real property.
(7) “Lapse” means the date on which a mortgagor has failed to comply with a mortgage agreement’s requirements to maintain valid and sufficient insurance upon mortgaged real property.
(8) “Lender” means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property.
(9) “Loss ratio” means the ratio of incurred losses to earned premium.
(10) “Master collateral protection insurance policy” means a group policy issued to a lender or servicer which provides coverage for all loans in the lender’s or servicer’s loan portfolio as needed.
(11) “Mortgage agreement” means the written document setting forth an obligation or a liability of any kind secured by a lien on real property and due from, owing by, or incurred by a mortgagor to a lender on account of a mortgage loan, which document includes the security agreement, the deed of trust, other documents of similar effect, and any other document incorporated by reference.
(12) “Mortgage loan” has the same meaning as in s. 494.001(25)(a).
(13) “Mortgagee” means a person who holds mortgaged real property as security for repayment of a mortgage agreement.
(14) “Mortgagor” means a person who is obligated on a mortgage loan pursuant to a mortgage agreement.
(15) “Real estate owned property” means property owned or held by a lender or servicer as a result of a foreclosure under the related mortgage agreement or acceptance of a deed in lieu of foreclosure.
(16) “Replacement cost value” means the estimated cost to replace covered property at the time of loss or damage without deduction for depreciation. Replacement cost value is not market value but is the cost to replace covered property to its pre-loss condition.
(17) “Servicer” means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. The term includes an entity involved in subservicing arrangements.