Modification to Utah’s Mortgage Lending and Servicing Act
Utah’s Mortgage Lending and Servicing Act was recently amended. The changes take effect on May 9, 2016.
70D-2-102
Section 70D-2-102 revised the definition of the term mortgage lender as follows:
(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.
70D-2-203
Section 70D-2-203 was also revised. It now states that a mortgage lender who is required to be registered under Chapter 2 isn’t exempt from the requirements of Title 61, Chapter 2c, Utah Residential Mortgage Practices and Licensing Act.
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