Terms Used In Utah Code > Title 70D > Chapter 3 > Part 4 - Operational Requirements and Prohibitions

• Applicant: means an individual applying for a license under this chapter. See Utah Code 70D-3-102
• Appraisal: A determination of property value.
• Commissioner: means the commissioner of the department. See Utah Code 70D-1-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fraud: Intentional deception resulting in injury to another.
• 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
• 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
• Record: means information that is:
       (8)(a) inscribed on a tangible medium; or
       (8)(b) stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 70D-1-102
• 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