Terms Used In Utah Code > Title 61 > Chapter 2c > Part 3 - Operational Restrictions

• Applicant: means a person applying for a license under this chapter. See Utah Code 61-2c-102
• Appraisal: A determination of property value.
• 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 Commission: means the Residential Mortgage Regulatory Commission created in Section 61-2c-104. 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 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. 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 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. 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 Fraud: Intentional deception resulting in injury to another. 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 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. 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. 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 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 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 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 Writing: includes :Utah Code 68-3-12.5