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:
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:
(a)
taking and processing an application;
(b)
providing a required disclosure;
(c)
in some circumstances, underwriting the mortgage loan and making the final credit approval decision;
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
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.
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 :
(a)
a state, territory, or possession of the United States;
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.
(b)
“Broker” does not include a person solely because of the person’s:
(i)
real estate brokerage activities; or
(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)
(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.
(b)
“Lender” includes a mortgage lender.
(c)
“Lender” does not include a person who:
(i)
as a seller only receives one or more mortgages as security for a purchase money obligation; or
(ii)
only receives a mortgage as security for an obligation:
(A)
payable on an installment or deferred payment basis; and
(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:
(a)
is constructed:
(i)
on or after June 15, 1976, according to the National Manufactured Housing Construction and Safety Standards Act of 1974; and
(ii)
in one or more sections, which:
(A)
in the traveling mode, is eight body feet or more in width or 40 body feet or more in length; or
(B)
when erected on site, is 400 or more square feet;
(b)
is built on a permanent chassis;
(c)
is designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities; and
(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:
(a)
taking and processing an application;
(b)
providing a required disclosure;
(c)
in some circumstances, underwriting the mortgage loan and making the final credit approval decision;
(d)
closing the mortgage loan in its name;
(e)
funding the mortgage loan; and
(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.
