Utah Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Reverse Mortgage Act / Utah Code Ann. §57-28-207 | 7 Day Cooling Off Period | After a prospective borrower accepts, in writing, a lender's written commitment to make a reverse mortgage, the lender may not bind the prospective borrower to the reverse mortgage earlier than 7 days after the day on which the prospective borrower gives the written acceptance to the lender. |
| Mortgage Lending and Servicing Act / Utah Code Ann. §70D-2-305 | Advance Fee Disclosure | Must be provided prior to accepting any fee or deposit from an applicant for a mortgage loan. |
| High Cost Home Loan Act / Utah Code Ann. §61-2d-111 | Blank Spaces | All lines, figures, forms and blanks that regulate, govern, control, and authorize a mortgage must be filled in before the documents are signed. |
| High Cost Home Loan Act / Utah Code Ann. §61-2d-109 | Copies of Loan Documents | A lender must provide, at no cost to the borrower, a complete set of all documents pertaining to the transaction, including copies of all documents to be executed or recorded and any loan documents changed at the closing. These documents must be provided at the time of closing if done in person, or no later than 3 business days after closing if done in any other format. |
| Utah Code Ann. §61-2d-105(1) | High-Cost Home Loan Disclosure | Must be provided at least 3 business days prior to the close of a high cost home loan if points, fees, or other charges payable to the lender or any third party in an amount in excess of 8% are directly or indirectly financed. |
| Reverse Mortgage Act / Utah Code Ann. §57-28-203 | Housing Counselor Disclosure | At application a lender must provide a list of at least 5 independent housing counselors that includes each independent housing counselor's name, address, and telephone number. |
| Mortgage Lending and Servicing Act / Utah Code Ann. §70D-2-303(1) | Notice of Initial Servicer | At the time of closing a mortgage loan, a lender must notify the borrower in writing of the name of the initial servicer that will service the loan and the address at which a loan payment should be made. |
| Mortgage Lending and Servicing Act / Utah Code Ann. §70D-2-302(1) | Notice of Transfer of Servicing | This notice must be provided at application. |
| Consumer Credit Code / Utah Code Ann. §70C-3-101 | Prepayment Penalty Restrictions (Subordinate lien) | A debtor may prepay the unpaid balance of a closed-end consumer credit debt at any time without penalty.Notwithstanding this provision, a debtor may be required to pay a prepayment fee for prepaying a closed-end extension of credit secured by a subordinate lien on a dwelling that is not subject to Section 32 of Regulation Z, 12 C.F.R. §1026.32 if: (i) the creditor offers the debtor the option of entering into either: (A )a contract that does not contain a prepayment fee; or (B) a contract containing: (I) a prepayment fee; and (II) a rate of finance charge or fee that is lower than the rate of finance charge or fee under the contract that does not contain a prepayment fee; and (ii) the debtor enters into such a contract. |
| Reverse Mortgage Act / Utah Code Ann. §57-28-203 | Projected Cost Disclosure | At least 10 days before the day of closing, a lender must provide the borrower a disclosure that describes: (1)that the prospective borrower's liability under the reverse mortgage is limited; (2)the prospective borrower's rights, obligations, and remedies that relate to: (a)temporary absences, late payments, and payment default by the lender; and (b)each condition that requires satisfaction of the reverse mortgage; and; (3)the projected total cost of the reverse mortgage to the prospective borrower, based on the projected total future loan balance. |
| Utah Code Ann. §57-28-203 | Reverse Mortgage Application Disclosure | A lender must disclose any adjustable interest rate feature of a reverse mortgage loan at time of application. |
| Uniform Consumer Credit Code / Utah Code Ann. §70C-3-104 | Waiver of Class Action Rights | A lender may contract with the borrower of a closed-end or open-end consumer contract for a waiver by the borrower of the right to initiate or participate in a class action related to the closed-end or open-end consumer contract. To contract for the waiver, the lender must disclose the waiver: (1) to the borrower; (2) in the closed-end or open-end consumer contract; and (3) in bold type or all capital letters. See Utah Code Ann. §70C-4-105(2) regarding the open-end provisions. |