Glossary of Terms

Agent. A person, including an independent contractor, who acts with the consent and on behalf of another.

Beneficiary. The person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest, and who shall not be the trustee.

Default. When a borrower fails to comply with the terms and conditions of the signed promissory note and trust deed.

Delinquency. Failure to make a loan payment to whom it is due. A loan usually is considered delinquent when it is 30 or more days past due.

Fee. Any item of value including goods or services.

Grantor. The person conveying real property by a trust deed as security for the performance of an obligation.

Loan modification. An adjustment or compromise of an existing residential mortgage loan. (Excludes a refinancing transaction.)

Loan modification activities. For compensation or gain, or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in Idaho.

Loss mitigation. The full range of solutions that may avert either the loss of a debtor’s property to foreclosure, increased costs to the lender or both. Loss mitigation commonly consists of loan modifications and refinances, forbearance agreements, short sales and deed-in-lieu of foreclosure agreements. The terms of a loss mitigation solution varies in each case according to the particular needs and goals of the parties.

Mortgage.  An agreement in which a property owner grants a creditor the right to satisfy a debt by selling the property in the event of a default.

Real property. Any right, title, interest and claim in and to real property owned by the grantor at the date of execution of the deed of trust or acquired thereafter by said grantor or his successors in interest. To fall under this definition, the real property must be (a) located within an incorporated city or village at the time of the transfer; (b) not exceed 80 acres regardless of location, but not used as agricultural land; or (c) not exceed 40 acres regardless or location or use.

Servicer. A business, often a bank or mortgage company, that accepts and records mortgage payments from borrowers, negotiates workout plans and supervises the foreclosure process.

Trust deed. A deed executed in conformity with title 45, chapter 15, Idaho Code, and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the deed to a beneficiary.

Trustee. A person to whom the legal title to real property is conveyed by trust deed or his successor in interest.

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