Terms Used In Utah Code 70D-3-102

• Clerical or support duties: includes after the receipt of an application for a residential mortgage loan:
       (6)(a) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
       (6)(b) communicating with a consumer to obtain the information necessary for the processing or underwriting of the residential mortgage loan, to the extent that the communication does not include:

            (6)(b)(i) offering or negotiating a residential mortgage loan rate or term; or

            (6)(b)(ii) counseling a consumer about a residential mortgage loan rate or term. See Utah Code 70D-3-102
• Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
• 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:
       (7)(a) services;
       (7)(b) personal or real property; or
       (7)(c) another thing of value. See Utah Code 70D-3-102
• 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.
• Covered subsidiary: means a subsidiary that is:
       (9)(a) owned and controlled by a depository institution; and
       (9)(b) regulated by a federal banking agency. See Utah Code 70D-3-102
• Depository institution: is a s defined in Section 7-1-103. See Utah Code 70D-1-102
• 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
• Federal banking agency: means :
       (10)(a) the Board of Governors of the Federal Reserve System;
       (10)(b) the Comptroller of the Currency;
       (10)(c) the National Credit Union Administration; or
       (10)(d) the Federal Deposit Insurance Corporation. See Utah Code 70D-3-102
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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).
• Licensee: means an individual licensed under this chapter. See Utah Code 70D-3-102
• loan originator: means an individual who for compensation or in the expectation of compensation:
            (12)(a)(i) takes a residential mortgage loan application; or
            (12)(a)(ii) offers or negotiates a term of a residential mortgage loan. See Utah Code 70D-3-102
• Loan processor or underwriter: means an individual who as an employee performs clerical or support duties:
       (13)(a) at the direction of and subject to the supervision and instruction of:

            (13)(a)(i) a licensee; or

            (13)(a)(ii) a registered loan originator; and
       (13)(b) as an employee of:

            (13)(b)(i) the licensee; or

            (13)(b)(ii) a registered loan originator. See Utah Code 70D-3-102
• 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 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
• 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 Secure and Fair Enforcement for Mortgage Licensing, Utah Code 70D-3-102
• 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
• 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
• Registered loan originator: means an individual who:
       (18)(a) engages in an act as a loan originator only as an employee of:

            (18)(a)(i) a depository institution;

            (18)(a)(ii) a covered subsidiary; or

            (18)(a)(iii) an institution regulated by the Farm Credit Administration; and
       (18)(b) is registered with, and maintains a unique identifier through, the nationwide database. See Utah Code 70D-3-102
• residential mortgage loan: means :
            (19)(a)(i) a mortgage loan; or
            (19)(a)(ii) a loan that is:

                 (19)(a)(ii)(A) secured by a mortgage; and

                 (19)(a)(ii)(B) subject to Title 70C, Utah Consumer Credit Code. See Utah Code 70D-3-102
• 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
• Unique identifier: is a s defined in Utah Code 70D-3-102