Utah Code 70D-2-102. Definitions
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As used in this chapter:
(1)
Terms Used In Utah Code 70D-2-102
- broker: means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. See Utah Code 70D-2-102
- Dwelling: means a residential structure attached to real property that contains one to four units including any of the following if used as a residence:(4)(a) a condominium unit;(4)(b) a cooperative unit;(4)(c) a manufactured home; or(4)(d) a house. See Utah Code 70D-1-102
- Lender: includes a mortgage lender. See Utah Code 70D-2-102
- Mobile home: means a transportable factory built housing unit built before June 15, 1976, in accordance with a state mobile home code that existed before the National Manufactured Housing Construction and Safety Standards Act of 1974. See Utah Code 70D-2-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a mortgage or deed of trust affecting real property located in this state. See Utah Code 70D-1-102
- Mortgage lender: means an entity that performs each of the following related to originating a mortgage loan:
(7)(a) taking and processing an application;(7)(b) providing a required disclosure;(7)(c) in some circumstances, underwriting the mortgage loan and making the final credit approval decision;(7)(d) closing the mortgage loan in its name;(7)(e) funding the mortgage loan; and(7)(f) selling the mortgage loan to an investor. See Utah Code 70D-2-102- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan: means a loan:
(6)(a)(i) secured by a mortgage; and(6)(a)(ii) made for personal, family, or household purposes. See Utah Code 70D-1-102- 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.
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- Servicer: means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan. See Utah Code 70D-2-102
- State: means :
(10)(a) a state, territory, or possession of the United States;(10)(b) the District of Columbia; or(10)(c) the Commonwealth of Puerto Rico. See Utah Code 70D-1-102(1)(a) Except as provided in Subsection (1)(b), “broker” means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly.(1)(b) “Broker” does not include a person solely because of the person’s:(1)(b)(i) real estate brokerage activities; or(1)(b)(ii) activities as an attorney licensed to practice law in this state who, in the course of the attorney’s practice as an attorney, assists a person in obtaining a mortgage loan.(2) “Business as a lender, broker, or servicer” means a person who engages in an act for compensation or in the expectation of compensation that makes the person a lender, broker, or servicer.(3)(3)(a) Except as provided in Subsection (3)(c), “lender” means a person who in the regular course of business originates a loan secured by a mortgage.(3)(b) “Lender” includes a mortgage lender.(3)(c) “Lender” does not include a person who:(3)(c)(i) as a seller only receives one or more mortgages as security for a purchase money obligation; or(3)(c)(ii) only receives a mortgage as security for an obligation:(3)(c)(ii)(A) payable on an installment or deferred payment basis; and(3)(c)(ii)(B) arising out of materials furnished or services rendered in the improvement of real property.(4) “Manufactured home” means a transportable factory built housing unit that:(4)(a) is constructed:(4)(a)(i) on or after June 15, 1976, according to the National Manufactured Housing Construction and Safety Standards Act of 1974; and(4)(a)(ii) in one or more sections, which:(4)(a)(ii)(A) in the traveling mode, is eight body feet or more in width or 40 body feet or more in length; or(4)(a)(ii)(B) when erected on site, is 400 or more square feet;(4)(b) is built on a permanent chassis;(4)(c) is designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities; and(4)(d) includes the plumbing, heating, air-conditioning, and electrical systems.(5) “Mobile home” means a transportable factory built housing unit built before June 15, 1976, in accordance with a state mobile home code that existed before the National Manufactured Housing Construction and Safety Standards Act of 1974.(6) “Modular home” means a modular unit as defined in Section 15A-1-302.(7) “Mortgage lender” means an entity that performs each of the following related to originating a mortgage loan:(7)(a) taking and processing an application;(7)(b) providing a required disclosure;(7)(c) in some circumstances, underwriting the mortgage loan and making the final credit approval decision;(7)(d) closing the mortgage loan in its name;(7)(e) funding the mortgage loan; and(7)(f) selling the mortgage loan to an investor.(8) “Nationwide database” means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. § 5101 for federal licensing of mortgage loan originators.(9) “Permanently affixed” means anchored to, and supported by, a permanent foundation or installed in accordance with the manufactured housing installation standard code referred to in Section 15A-1-202.(10) “Servicer” means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan.