Terms Used In Utah Code > Title 61 > Chapter 2c > Part 1 - General Provisions

• Appraisal: A determination of property value.
• Balloon payment: means a required payment in a mortgage transaction that:
            (1)(e)(i) results in a greater reduction in the principle of the mortgage than a regular installment payment; and
            (1)(e)(ii) is made during or at the end of the term of the loan. See Utah Code 61-2c-102
• Branch office: means a licensed entity's office:
            (1)(g)(i) for the transaction of the business of residential mortgage loans regulated under this chapter;
            (1)(g)(ii) other than the main office of the licensed entity; and
            (1)(g)(iii) that operates under:

                 (1)(g)(iii)(A) the same business name as the licensed entity; or

                 (1)(g)(iii)(B) another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102
• Business of residential mortgage loans: means for compensation or in the expectation of compensation to:
                 (1)(i)(i)(A) engage in an act that makes an individual a mortgage loan originator;
                 (1)(i)(i)(B) make or originate a residential mortgage loan;
                 (1)(i)(i)(C) directly or indirectly solicit a residential mortgage loan for another;
                 (1)(i)(i)(D) unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including:

                      (1)(i)(i)(D)(I) preparing a loan package;

                      (1)(i)(i)(D)(II) communicating with the borrower or lender;

                      (1)(i)(i)(D)(III) advising on a loan term;

                      (1)(i)(i)(D)(IV) receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or

                      (1)(i)(i)(D)(V) communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or
                 (1)(i)(i)(E) engage in loan modification assistance. See Utah Code 61-2c-102
• Certified education provider: means a person who is certified under Section Utah Code 61-2c-102
• Closed-end: means a loan:
            (1)(k)(i) with a fixed amount borrowed; and
            (1)(k)(ii) that does not permit additional borrowing secured by the same collateral. See Utah Code 61-2c-102
• Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102
• Community development financial institution: means the same as that term is defined in Utah Code 61-2c-102
• Compensation: means anything of economic value that is paid, loaned, granted, given, donated, or transferred to an individual or entity for or in consideration of:
            (1)(n)(i) services;
            (1)(n)(ii) personal or real property; or
            (1)(n)(iii) another thing of value. See Utah Code 61-2c-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-2c-102
• Director: means the director of the division. See Utah Code 61-2c-102
• Division: means the Division of Real Estate. See Utah Code 61-2c-102
• Dwelling: means a residential structure attached to real property that contains one to four family units including any of the following if used as a residence:
            (1)(v)(i) a condominium unit;
            (1)(v)(ii) a cooperative unit;
            (1)(v)(iii) a manufactured home; or
            (1)(v)(iv) a house. See Utah Code 61-2c-102
• Entity: means :
            (1)(x)(i) a corporation;
            (1)(x)(ii) a limited liability company;
            (1)(x)(iii) a partnership;
            (1)(x)(iv) a company;
            (1)(x)(v) an association;
            (1)(x)(vi) a joint venture;
            (1)(x)(vii) a business trust;
            (1)(x)(viii) a trust; or
            (1)(x)(ix) another organization. See Utah Code 61-2c-102
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, Utah Code 61-2c-102
• Fiduciary: A trustee, executor, or administrator.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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}
• Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to:
            (1)(aa)(i) engage, or offer to engage, in an act that:

                 (1)(aa)(i)(A) the person represents will assist a borrower in preventing a foreclosure; and

                 (1)(aa)(i)(B) relates to a transaction involving the transfer of title to residential real property; or
            (1)(aa)(ii) as an employee or agent of another person:

                 (1)(aa)(ii)(A) solicit, or offer that the other person will engage in an act described in Subsection (1)(aa)(i); or

                 (1)(aa)(ii)(B) negotiate terms in relationship to an act described in Subsection (1)(aa)(i). See Utah Code 61-2c-102
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102
• Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to:
            (1)(ff)(i) act, or offer to act, on behalf of a person to:

                 (1)(ff)(i)(A) obtain a loan term of a residential mortgage loan that is different from an existing loan term including:

                      (1)(ff)(i)(A)(I) an increase or decrease in an interest rate;

                      (1)(ff)(i)(A)(II) a change to the type of interest rate;

                      (1)(ff)(i)(A)(III) an increase or decrease in the principal amount of the residential mortgage loan;

                      (1)(ff)(i)(A)(IV) a change in the number of required period payments;

                      (1)(ff)(i)(A)(V) an addition of collateral;

                      (1)(ff)(i)(A)(VI) a change to, or addition of, a prepayment penalty;

                      (1)(ff)(i)(A)(VII) an addition of a cosigner; or

                      (1)(ff)(i)(A)(VIII) a change in persons obligated under the existing residential mortgage loan; or

                 (1)(ff)(i)(B) substitute a new residential mortgage loan for an existing residential mortgage loan; or
            (1)(ff)(ii) as an employee or agent of another person:

                 (1)(ff)(ii)(A) solicit, or offer that the other person will engage in an act described in Subsection (1)(ff)(i); or

                 (1)(ff)(ii)(B) negotiate terms in relationship to an act described in Subsection (1)(ff)(i). See Utah Code 61-2c-102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who, for compensation or in expectation of compensation:
                 (1)(gg)(i)(A)

                      (1)(gg)(i)(A)(I) takes a residential mortgage loan application;

                      (1)(gg)(i)(A)(II) offers or negotiates terms of a residential mortgage loan for the purpose of:

                           (1)(gg)(i)(A)(II)(Aa) a purchase;

                           (1)(gg)(i)(A)(II)(Bb) a refinance;

                           (1)(gg)(i)(A)(II)(Cc) a loan modification assistance; or

                           (1)(gg)(i)(A)(II)(Dd) a foreclosure rescue; or

                      (1)(gg)(i)(A)(III) directly or indirectly solicits a residential mortgage loan for another person; and
                 (1)(gg)(i)(B) is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-102
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. See Utah Code 61-2c-102
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual or entity. See Utah Code 61-2c-102
• Prelicensing education: means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section Utah Code 61-2c-102
• Principal lending manager: means an individual:
            (1)(ll)(i) licensed as a lending manager under Section 61-2c-206; and
            (1)(ll)(ii) identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Record: means information that is:
            (1)(nn)(i) prepared, owned, received, or retained by a person; and
            (1)(nn)(ii)

                 (1)(nn)(ii)(A) inscribed on a tangible medium; or

                 (1)(nn)(ii)(B)

                      (1)(nn)(ii)(B)(I) stored in an electronic or other medium; and

                      (1)(nn)(ii)(B)(II) in a perceivable and reproducible form. See Utah Code 61-2c-102
• Residential mortgage loan: means an extension of credit, if:
            (1)(oo)(i) the loan or extension of credit is secured by a:

                 (1)(oo)(i)(A) mortgage;

                 (1)(oo)(i)(B) deed of trust; or

                 (1)(oo)(i)(C) consensual security interest; and
            (1)(oo)(ii) the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i):

                 (1)(oo)(ii)(A) is on a dwelling located in the state; and

                 (1)(oo)(ii)(B) is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102
• State: means :
            (1)(tt)(i) a state, territory, or possession of the United States;
            (1)(tt)(ii) the District of Columbia; or
            (1)(tt)(iii) the Commonwealth of Puerto Rico. See Utah Code 61-2c-102
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Utah-specific: means an educational requirement under this chapter that relates specifically to Utah. See Utah Code 61-2c-102