Terms Used In Utah Code > Title 61 > Chapter 2c - Utah Residential Mortgage Practices and Licensing Act

• accident and health insurance: means a contract that incorporates morbidity risk and provides protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the valuation manual. See Utah Code 31A-17-501
• Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
• Adjudicative proceeding: means :Utah Code 68-3-12.5
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliation: means that a mortgage loan originator is associated with a principal lending manager in accordance with Section 61-2c-209. See Utah Code 61-2c-102
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
• Appraisal: A determination of property value.
• Approved examination provider: means a person approved by the nationwide database or by the division as an approved test provider. See Utah Code 61-2c-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate lending manager: means an individual who:

  (i)	qualifies under this chapter as a principal lending manager; and

  (ii)

  works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. See Utah Code 61-2c-102 Balloon payment: means a required payment in a mortgage transaction that: (i)  results in a greater reduction in the principle of the mortgage than a regular installment payment; and (ii)  is made during or at the end of the term of the loan. See Utah Code 61-2c-102 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Branch lending manager: means an individual who is: (i)  licensed as a lending manager; and (ii)  designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. See Utah Code 61-2c-102 Branch office: means a licensed entity's office: (i)  for the transaction of the business of residential mortgage loans regulated under this chapter; (ii)  other than the main office of the licensed entity; and (iii)  that operates under: (A)  the same business name as the licensed entity; or (B)  another trade name that is registered with the division under the entity license. See Utah Code 61-2c-102 Business of residential mortgage loans: means for compensation or in the expectation of compensation to: (A)  engage in an act that makes an individual a mortgage loan originator; (B)  make or originate a residential mortgage loan; (C)  directly or indirectly solicit a residential mortgage loan for another; (D)  unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including: (I)  preparing a loan package; (II)  communicating with the borrower or lender; (III)  advising on a loan term; (IV)  receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or (V)  communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or (E)  engage in loan modification assistance. See Utah Code 61-2c-102 Certificate: means evidence of insurance given to: (a)  an insured under a group insurance policy; or (b)  a third party. See Utah Code 31A-1-301 Certified education provider: means a person who is certified under Section 61-2c-204. See Utah Code 61-2c-102 Civil judgment: means a judgment in a civil action that:Utah Code 61-2c-501.5 Closed-end: means a loan: (i)  with a fixed amount borrowed; and (ii)  that does not permit additional borrowing secured by the same collateral. See Utah Code 61-2c-102 Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. See Utah Code 61-2c-102 Community development financial institution: means the same as that term is defined in 12 U. See Utah Code 61-2c-102 Company: means an entity that: (i)  has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in this state and has at least one such policy in force or on claim; or (ii)  has written, issued, or reinsured a life insurance contract, accident and health insurance contract, or deposit-type contract in any state and is required to hold a certificate of authority to write life insurance, accident and health insurance, or deposit-type contracts in this state. See Utah Code 31A-17-501 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: (i)  services; (ii)  personal or real property; or (iii)  another thing of value. See Utah Code 61-2c-102 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Concurrence: means that entities given a concurring role must jointly agree for the action to be taken. See Utah Code 61-2c-102 Continuing education: means education an individual takes in order to meet the education requirements imposed by Sections 61-2c-204. See Utah Code 61-2c-102 Control person: means an individual identified by an entity registered with the nationwide database as being an individual directing the management or policies of the entity. See Utah Code 61-2c-102 Conviction: A judgement of guilt against a criminal defendant. Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Criminal restitution judgment: means a judgment that, in accordance with the Utah Code of Criminal Procedure, orders criminal restitution to a person and against a person licensed under this chapter for a criminal offense involving fraud, misrepresentation, or deceit in a residential mortgage loan transaction. See Utah Code 61-2c-501.5 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Deposit-type contract: means a contract that does not incorporate mortality or morbidity risks and as may be specified in the valuation manual. See Utah Code 31A-17-501 Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-2c-102 Director: means the director of the division. See Utah Code 61-2c-102 Division: means the Division of Real Estate. See Utah Code 61-2c-102 Dwelling: means a residential structure attached to real property that contains one to four family units including any of the following if used as a residence: (i)  a condominium unit; (ii)  a cooperative unit; (iii)  a manufactured home; or (iv)  a house. See Utah Code 61-2c-102 Entity: means : (i)  a corporation; (ii)  a limited liability company; (iii)  a partnership; (iv)  a company; (v)  an association; (vi)  a joint venture; (vii)  a business trust; (viii)  a trust; or (ix)  another organization. See Utah Code 61-2c-102 Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102 Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal licensing requirements: means Secure and Fair Enforcement for Mortgage Licensing, 12 U. See Utah Code 61-2c-102 Fiduciary: A trustee, executor, or administrator. Final judgment: means one of the following judgments upon termination of the proceedings related to the judgment, including appeals:Utah Code 61-2c-501.5 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. 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). Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Foreclosure rescue: means , for compensation or with the expectation of receiving valuable consideration, to: (i)  engage, or offer to engage, in an act that: (A)  the person represents will assist a borrower in preventing a foreclosure; and (B)  relates to a transaction involving the transfer of title to residential real property; or (ii)  as an employee or agent of another person: (A)  solicit, or offer that the other person will engage in an act described in Subsection (1)(aa)(i); or (B)  negotiate terms in relationship to an act described in Subsection (1)(aa)(i). See Utah Code 61-2c-102 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Fund: means the Residential Mortgage Loan Education, Research, and Recovery Fund created in Section 61-2c-501. See Utah Code 61-2c-501.5 health insurance: means insurance providing: (i)  a health care benefit; or (ii)  payment of an incurred health care expense. See Utah Code 31A-1-301 Individual: means a natural person. See Utah Code 31A-1-301 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 insurance company: means a person doing an insurance business as a principal including: (i)  a fraternal benefit society; (ii)  an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii)  a motor club; (iv)  an employee welfare plan; (v)  a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi)  a health maintenance organization. See Utah Code 31A-1-301 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102 Licensing examination: means the examination required by Section 61-2c-204. See Utah Code 61-2c-102 Lien: A claim against real or personal property in satisfaction of a debt. life insurance: means a contract that incorporates mortality risk, including annuity and pure endowment contracts, and as may be specified in the valuation manual. See Utah Code 31A-17-501 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan modification assistance: means , for compensation or with the expectation of receiving valuable consideration, to: (i)  act, or offer to act, on behalf of a person to: (A)  obtain a loan term of a residential mortgage loan that is different from an existing loan term including: (I)  an increase or decrease in an interest rate; (II)  a change to the type of interest rate; (III)  an increase or decrease in the principal amount of the residential mortgage loan; (IV)  a change in the number of required period payments; (V)  an addition of collateral; (VI)  a change to, or addition of, a prepayment penalty; (VII)  an addition of a cosigner; or (VIII)  a change in persons obligated under the existing residential mortgage loan; or (B)  substitute a new residential mortgage loan for an existing residential mortgage loan; or (ii)  as an employee or agent of another person: (A)  solicit, or offer that the other person will engage in an act described in Subsection (1)(ff)(i); or (B)  negotiate terms in relationship to an act described in Subsection (1)(ff)(i). See Utah Code 61-2c-102 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgage loan originator: means an individual who, for compensation or in expectation of compensation: (A)  (I)  takes a residential mortgage loan application; (II)  offers or negotiates terms of a residential mortgage loan for the purpose of: (Aa)  a purchase; (Bb)  a refinance; (Cc)  a loan modification assistance; or (Dd)  a foreclosure rescue; or (III)  directly or indirectly solicits a residential mortgage loan for another person; and (B)  is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-102 NAIC: means the National Association of Insurance Commissioners. See Utah Code 31A-1-301 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 federal licensing requirements. See Utah Code 61-2c-102 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. 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. Order: means an order of the commissioner. See Utah Code 31A-1-301 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Person: means an individual or entity. See Utah Code 61-2c-102 Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301 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 61-2c-204. See Utah Code 61-2c-102 Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Principal lending manager: means an individual: (i)  licensed as a lending manager under Section 61-2c-206; and (ii)  identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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 Prospective borrower: means a person applying for a mortgage from a person who is required to be licensed under this chapter. See Utah Code 61-2c-102 Quorum: The number of legislators that must be present to do business. real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Record: means information that is: (i)  prepared, owned, received, or retained by a person; and (ii)  (A)  inscribed on a tangible medium; or (B)  (I)  stored in an electronic or other medium; and (II)  in a perceivable and reproducible form. See Utah Code 61-2c-102 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Residential mortgage loan: means an extension of credit, if: (i)  the loan or extension of credit is secured by a: (A)  mortgage; (B)  deed of trust; or (C)  consensual security interest; and (ii)  the mortgage, deed of trust, or consensual security interest described in Subsection (1)(oo)(i): (A)  is on a dwelling located in the state; and (B)  is created with the consent of the owner of the residential real property. See Utah Code 61-2c-102 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Settlement: means the time at which each of the following is complete: (i)  the borrower and, if applicable, the seller sign and deliver to each other or to the escrow or closing office each document required by: (A)  the real estate purchase contract; (B)  the lender; (C)  the title insurance company; (D)  the escrow or closing office; (E)  the written escrow instructions; or (F)  applicable law; (ii)  the borrower delivers to the seller, if applicable, or to the escrow or closing office any money, except for the proceeds of any new loan, that the borrower is required to pay; and (iii)  if applicable, the seller delivers to the buyer or to the escrow or closing office any money that the seller is required to pay. See Utah Code 61-2c-102 Sponsorship: means an association in accordance with Section 61-2c-209 between an individual licensed under this chapter and an entity licensed under this chapter. See Utah Code 61-2c-102 State: means : (i)  a state, territory, or possession of the United States; (ii)  the District of Columbia; or (iii)  the Commonwealth of Puerto Rico. See Utah Code 61-2c-102 Subpoena: A command to a witness to appear and give testimony. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5 Utah-specific: means an educational requirement under this chapter that relates specifically to Utah. See Utah Code 61-2c-102 Valuation manual: means the manual of valuation instructions adopted in accordance with Section 31A-17-514. See Utah Code 31A-17-501 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: means an order or precept in writing, issued in the name of:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5