70D-2-302. Notice required with loan application.
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70D-2-302. Notice required with loan application.
(1)If the following is the case, a lender and broker shall notify in writing a person from whom the lender or broker receives or for whom the lender or broker prepares a written application for a mortgage loan that:
(a)the mortgage loan applied for may be sold or assigned;
(b)the servicing of the loan may be sold or assigned; and
(c)the mortgage loan will not necessarily be held or serviced by the lender that originates the mortgage loan.
(2)A lender and broker shall provide a written notice required by this section at the time of receipt or preparation of the written application for a mortgage loan.
Renumbered and Amended by Chapter 72 , 2009 General Session