Terms Used In Utah Code > Title 70D > Chapter 2 > Part 1 - General Provisions

• 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
• 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.
• Dependent: A person dependent for support upon another.
• 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