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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With Two Points In Utah

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

Format:

Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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FAQ

Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.

By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.

(a) To activate a license, the holder of the inactive license shall: (i) complete and submit a change card through RELMS pursuant to Section R162-2f-207; (ii) submit proof of: (A) having been issued an active license at the time of last renewal; (B) having completed, within the two-year period preceding the date on ...

Mortgage Lending in Utah Brokering and retail origination of closed-end residential first mortgages are activities primarily regulated by the Utah Division of Real Estate (DRE).

The DRE mortgage entity license requires you to submit a separate license for each trade name, whereas the DFI residential first mortgage notification does not have this requirement and does not limit the number of trade names. The Utah DFI does not require a named QI but the DRE does.

Utah is known as a Trust Deed and Promissory Note state. There are references to a foreclosure being allowed under the law, typically in a Contract for Deed transaction but this is certainly not the standard.

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Option 3 (only) - Use this form to document experience. Please complete, sign, have notarized, and submit this form and transaction logs as part of your Broker application.Chattel mortgages are used to finance movable assets separately from the land they occupy. They come with a higher cost than a traditional mortgage. This form is furnished to give you a statement of actual settlement costs. Use our library of forms to quickly fill and sign your DRE forms online. Click here to learn about Utah's homebuying and escrow process to make buying your new home an easy and organized experience! You'll be issued an initial loan disclosure package within 3 days of providing your loan officer with a copy of your purchase contract. Please fill out this field.

Chattel Mortgage Form With Two Points In Utah

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FAQ

What is an example of a chattel?

What is the distinction between a chattel mortgage and a pledge is that in chattel mortgage?

What is the difference between a pledge and a chattel mortgage?

How to reactivate a real estate license in Utah?

What entity has regulatory authority over MLOs in Utah?

What is the difference between DFI and Dre in Utah?

Does Utah use a deed of trust or a mortgage?

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