Clerical or support duties: includes after the receipt of an application for a residential mortgage loan:
(a)
the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
(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:
(i)
offering or negotiating a residential mortgage loan rate or term; or
(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:
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:
(a)
owned and controlled by a depository institution; and
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:
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:
(i)
takes a residential mortgage loan application; or
(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:
(a)
at the direction of and subject to the supervision and instruction of:
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
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, 12 U. See Utah Code 70D-3-102
“Applicant” means an individual applying for a license under this chapter.
(4)
“Approved examination provider” means a person approved by the nationwide database as an approved test provider.
(5)
“Business as a loan originator” means for compensation or in the expectation of compensation to engage in an act that makes an individual a loan originator.
(6)
“Clerical or support duties” includes after the receipt of an application for a residential mortgage loan:
(a)
the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
(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:
(i)
offering or negotiating a residential mortgage loan rate or term; or
(ii)
counseling a consumer about a residential mortgage loan rate or term.
(7)
“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:
(a)
services;
(b)
personal or real property; or
(c)
another thing of value.
(8)
“Continuing education” means education taken by an individual licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-303 to renew a license under this chapter.
(9)
“Covered subsidiary” means a subsidiary that is:
(a)
owned and controlled by a depository institution; and
(b)
regulated by a federal banking agency.
(10)
“Federal banking agency” means:
(a)
the Board of Governors of the Federal Reserve System;
(b)
the Comptroller of the Currency;
(c)
the National Credit Union Administration; or
(d)
the Federal Deposit Insurance Corporation.
(11)
“Licensee” means an individual licensed under this chapter.
(12)
(a)
Except as provided in Subsection (12)(b), “loan originator” means an individual who for compensation or in the expectation of compensation:
(i)
takes a residential mortgage loan application; or
(ii)
offers or negotiates a term of a residential mortgage loan.
(b)
“Loan originator” does not include:
(i)
an individual who is engaged solely as a loan processor or underwriter;
(ii)
unless compensated by a lender, broker, other loan originator, or an agent of a lender, broker, or other loan originator, a person who:
(A)
only performs real estate brokerage activities; and
a person who is solely involved in extension of credit relating to a timeshare plan, as defined in 11 U.S.C. § 101(53D); or
(iv)
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 residential mortgage loan.
(13)
“Loan processor or underwriter” means an individual who as an employee performs clerical or support duties:
(a)
at the direction of and subject to the supervision and instruction of:
(i)
a licensee; or
(ii)
a registered loan originator; and
(b)
as an employee of:
(i)
the licensee; or
(ii)
a registered loan originator.
(14)
“Nationwide database” means the Nationwide Mortgage Licensing System and Registry, authorized under Secure and Fair Enforcement for Mortgage Licensing, 12 U.S.C. § 5101 et seq.
(15)
“Nontraditional mortgage product” means a mortgage product other than a 30-year fixed rate mortgage.
“Prelicensing education” means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section 70D-3-301 for an individual to obtain a license under this chapter.
(18)
“Registered loan originator” means an individual who:
(a)
engages in an act as a loan originator only as an employee of:
(i)
a depository institution;
(ii)
a covered subsidiary; or
(iii)
an institution regulated by the Farm Credit Administration; and
(b)
is registered with, and maintains a unique identifier through, the nationwide database.
(19)
(a)
Subject to Subsection (19)(b), “residential mortgage loan” means:
