The Utah Division of Real Estate has 4 mortgage license categories. One of them is for a mortgage loan originator. I have written a separate MLO article because the Department of Financial Institutions has yet another kind of MLO license. Thus, you should read up on both types to see which one to get for your personal situation and qualifications. Click on “Utah mortgage license” in the tags under this article to read about both kinds of Utah mortgage loan originator categories and their respective requirements. The remainder of this post covers the 3 other kinds of mortgage licenses issued by the Utah Division of Real Estate.
A mortgage entity license is any business organization or person is in the business of residential mortgage loans for the purposes or earning a profit or some kind of compensation. This includes loan origination, solicitation, servicing, negotiation, placing for others, accepting applications from a customer, and communication with the lender, borrower, or both. Mere clerical work might not require a license, though. If you are a clerical worker, your employer should be able to tell you whether you need a mortgage entity license. Fees are about $325. All license applicants must hire a lending manager.
A mortgage branch office license is for a person or company that is licensed as a mortgage entity has one or more additional offices. This also includes branches located outside Utah, but only if the branch markets to Utah residents. Marketing to Utah residents through the Internet or mail also suffices to require a branch license. Fees are around $250. Each branch must also have its own lending manager.
The third license is for lending managers. This is for an actual person, not a company. It also applies to residential mortgage loans only. The activities covered are the same as for mortgage entities. But it is the branch manager who gets a lending manager license. These individuals must have at least 3 years of experience in the 5 years before the application. This experience must be obtained while working in a mortgage office. Since the branch manager is always working for a company, that employer must be on the application form for the license to be activated. Lending managers must be qualified as mortgage loan originators first. Then, they take an additional 40-hour mortgage manager course and must pass an exam. Fees are about $200.
The page below, which is on the NMLS website, has New Application links that give you a checklist for each Utah Division of Real Estate mortgage license type.