70D-2-302 - Notice required with loan application.
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 fromwhom the lender or broker receives or for whom the lender or broker prepares a writtenapplication 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 originatesthe mortgage loan.
(2) A lender and broker shall provide a written notice required by this section at the timeof receipt or preparation of the written application for a mortgage loan.
Renumbered and Amended by Chapter 72, 2009 General Session