Utah Code 70D-2-304. Statement to be provided
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(1) Unless a servicer regularly provides the information described in this Subsection (1) in a monthly statement to a mortgagor, the servicer shall deliver to a mortgagor, within 15 days after receipt of a written request, a statement of the mortgagor’s account including the following information:
Terms Used In Utah Code 70D-2-304
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Mortgagor: means a person who:(7)(a) executes a mortgage; or(7)(b) is obligated to pay a mortgage loan. See Utah Code 70D-1-102
- 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
(1)(a) the date and amount of the payments credited to the account within the previous 12-month period;(1)(b) the balance in any escrow account held by the servicer; and(1)(c) the total unpaid balance of the mortgage loan.
(2) A servicer shall provide the first two statements requested for an account in a 12-month period without charge. If more than two statements are requested for the same account in a 12-month period, the servicer may charge a reasonable fee for an additional statement.