NC Pre-License Class          Pre-License Online Study          Audit a Class          Continuing Education          Online Courses               click here               Online Store          Find a Broker or Banker          Professional Organizations          Affiliates and Industry            Partners               North Carolina          South Carolina          Florida               Who is Paul Donohue          Our Instructor/Trainers          Founder’s Vision          All Testimonials	Utah Licensing Requirements Does the state require a physical location within the state? No. Is there individual loan officer licensing? Yes. What are lenders, brokers and loan officers called? Utah uses the terms mortgage company and mortgage officer. What is the cost of a license? Surety bond? Are there net worth requirements? To obtain a license for a Mortgage Company, the following must be submitted to the Division of Real Estate: A completed and signed Mortgage Company/Branch Application. A change card for each licensee assigned to the Company and affiliating with the Principal Lending Manager. (All mortgage companies licensed by the Utah Division of Real Estate require a licensed Principal Lending Manager who supervises and pays all Mortgage Officers). Certificate of Existence from the Utah Division of Corporations showing the company is current and in good standing. Notarized letter on the company’s letterhead, signed by a company Officer, Manager/Member or Owner, authorizing the PLM to use the company name. $250 non-refundable fee ($200 application fee and $50 recovery fund fee). To become a licensed Mortgage Officer an individual must meet the statutory licensing qualifications of good moral character, competency, honesty, integrity, and truthfulness; be at least 18 years of age at the time of application; take 20 hours of approved education at a certified Mortgage Pre-license School, take and pass the Mortgage Officer exam and submit to the Division the following: Completed and signed application (issued at the testing center). Signed original Education Certifying Document (issued by the mortgage school). Signed responses to the Qualifying Questionnaire (issued at the testing center) and supporting documentation to any “YES” answers. Two fingerprint cards or receipt of electronic fingerprint submission and a signed Fingerprint Waiver (issued at the testing center). $271 non-refundable fee ($200 application fee, $36 recovery fund fee and $35 fingerprint processing fee). Licenses are valid for a two-year period and must be renewed no sooner than six weeks prior to and no later than the expiration date. A surety bond for at least $25,000, and a certificate of existence from the Division of Corporations is also required. Individuals who are required to be registered must either provide an individual surety bond for $10,000 or be covered through the registered entity's surety bond. Is there a pre-licensing education requirement? Is there a test? A mortgage officer applicant must submit proof of having successfully completed 20 hours of prelicensing education and of having successfully completed the mortgage officer examination. A principal lending manager applicant must submit proof of having successfully completed 40 hours of prelicensing education and of having successfully completed the principal lending manager examination. Is there a CE requirement? Yes. To renew a license an individual must complete 14 hours of certified continuing education courses every renewal cycle (two years), including 2 hours of ethics and 3 hours of federal/state mortgage lending laws. Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?) First mortgage brokering and lending activity is governed by the Utah Residential Mortgage Practices Act Are there any state specific high cost loan provisions? The Utah High-Cost Home Loan Act became effective May 3, 2004. The act defined a “high cost mortgage” and placed numerous limitations and prohibitions on certain loan agreement terms and general mortgage lending practices associated with high-cost mortgage products. A “high cost mortgage” is defined as a borrower credit transaction that is secured by the borrower's principal dwelling, if any of the following apply: Annual percentage rate (APR) thresholds. For first mortgages, the transaction is secured by a first mortgage on the borrower's principal dwelling and the APR on the credit as of the date of loan consummation exceeds by more than 8 percentage points the yield on Treasury securities having comparable periods of maturity on the 15th day of the month immediately preceding the month in which the application for the extension of credit is received by the lender. For second mortgages, the transaction is secured by a junior or subordinate mortgage on the borrower's principal dwelling and the APR on the credit as of the date of loan consummation exceeds by more than 10 percentage points the yield on Treasury securities having comparable periods of maturity on the 15th day of the month immediately preceding the month in which the application for the extension of credit is received by the lender. Points and fees threshold. The total points and fees payable at or before the transaction exceeds the greater of 8 percent of the total loan amount or $400. The $400 figure is to be adjusted annually on January 1 to match the adjusted number adopted by the Board of Governors of the Federal Reserve. If the Board of Governors of the Federal Reserve System does not announce an adjusted figure, the last adjustment of the $400 figure shall be adjusted annually on January 1 by the annual percentage change in the consumer price index that was reported on the preceding June 1. Are there any state specific predatory lending laws? See the high cost loan provisions. Closing practices – attorney or title state? Wet or dry settlement? Utah is a good funds state by statute. Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages? Secondary mortgage loan brokers, originators, and servicers must file an annual notification form with the Department of Financial Institutions under the Utah Consumer Credit Code that covers consumer credit transactions including junior-lien mortgage loans secured by dwellings. Regulator Utah Division of Real Estate Heber M. Wells Building 2nd Floor 160 East 300 South Salt Lake City, UT 84114-6711 Phone: (801) 530-6747 Fax: (801) 526-4387 http://realestate.utah.gov/ Department of Financial Institutions 324 S. State Street, Suite 201 P.O. Box 89 Salt Lake City, UT 84110-0089 Phone: (801) 538-8830 Fax: (801) 538-8894 www.dfi.state.ut.us DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action. Back to top