LENDER DEFINED BY "SUI JURIS 249"

ALSO REQUIRED READING

Remember, since your “lender” is just a servicer, they do not own the note. They
do not have the right to enforce the note. They can only act as a servicing agent.

Please refer to U.S. Code Title 12: Banks and Banking, Part 226 – Truth in
Lending (Regulation Z). This is enclosed in the Appendix for your convenience.
These are codified laws of banking. It defines who a Lender is, and the rights of
a Servicer. Specifically, it refers in 226 (a) 1 that a servicer is not treated as the
owner of the obligation.

(a) Scope. The disclosure requirements of this section apply to any
covered person except as otherwise provided in this section. For
purposes of this section:
(1) A “ covered person ” means any person, as defined in §226.2(a)(22),
that becomes the owner of an existing mortgage loan by acquiring legal
title to the debt obligation, whether through a purchase, assignment, or
other transfer, and who acquires more than one mortgage loan in any
twelve-month period. For purposes of this section, a servicer of a
mortgage loan shall not be treated as the owner of the obligation if the
servicer holds title to the loan or it is assigned to the servicer solely for
the administrative convenience of the servicer in servicing the obligation.

You will also note that the scope does not cover the servicer if the servicer was
assigned the note for administrative convenience in servicing the obligation.
This means, the servicer is not treated and does not have the rights of a lender
(or owner of the obligation).

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