Terms Used In Utah Code > Title 61 > Chapter 2c > Part 1 - General Provisions

• Appraisal: A determination of property value.
• 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 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 Certified education provider: means a person who is certified under Section 61-2c-204. See Utah Code 61-2c-102 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 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 Contract: A legal written agreement that becomes binding when signed. 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. 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 Deed: The legal instrument used to transfer title in real property from one person to another. 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. Executive director: means the executive director of the Department of Commerce. See Utah Code 61-2c-102 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. 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 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 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 Licensee: means a person licensed with the division under this chapter. See Utah Code 61-2c-102 Lien: A claim against real or personal property in satisfaction of a debt. 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 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 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. 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: means an individual or entity. See Utah Code 61-2c-102 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 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 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 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 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 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 United States: includes each state, district, and territory of the United States of America. See 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