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Become A Mortgage Broker In Utah
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Utah or anyone looking to become a mortgage broker in Utah.
Effective January 1, 2004, all licensing, registering and supervising of Mortgage Brokers became under the jurisdiction of the Utah Division of Real Estate. Prior to January 1, 2004, these services were provided by the Department of Financial Institutions. The license currently issued for both Mortgage Brokers and Mortgage Lenders is the Residential Mortgage Lender License.
Applicants who desire to become a Mortgage Broker in Utah fall into one of two categories: an Entity which also has a Control Person, or an Individual.
An Entity pays a $200 non-refundable application fee plus a $50 non-refundable Education and Recovery Fund fee. All Entities also need to have a Control Person (any individual who manages or controls the Entity’s mortgage transactions). When applying, the Control Person pays a $200 non-refundable license fee, plus $36 (non-refundable) for the Education and Recovery Fund, $39 for fingerprints and background check, and also provides two sets of fingerprint cards. Any criminal history must be disclosed. A Surety Bond for $25,000 accompanies the application. Applicants must complete 20 hours of pre-license education and pass the licensing exam before applying. If the applicant does not apply within 90 days of passing the exam the results are voided and a new examination must be taken.
Individual applicants who desire to become a Mortgage Broker in Utah must be 18 years of age and pay a $236 non-refundable license fee plus $39 for processing of fingerprints. Any criminal history must be disclosed. A Surety Bond for $25,000 accompanies the application. Applicants must complete 20 hours of pre-license education and pass the licensing exam before applying. If the applicant does not apply within 90 days of passing the exam the results are voided and a new examination must be taken.
All applicants for the license must sign a “Letter of Waiver" authorizing the division to review past and present education and employment records, and also to conduct a criminal history background check.
The current licensing law pertains to any residential mortgage loan activity that is either directed to or received within the State of Utah. Although no physical office is required, all of the above requirements for licensing must be met by the applicant.
The Utah Association of Mortgage Brokers (UAMB), www.uamb.org, is an affiliate of The National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations focus on providing information, education, representation and professional help for those who want to become a Mortgage Broker in Utah and those already licensed.
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