Utah Mortgage Education
EasyRealEstateSchool.com offers these Utah mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have a license? (Jurisdiction-Specific)
An individual who for compensation or the expectation of compensation is licensed with the Utah Division of Real Estate to directly or indirectly solicit, render services related to the origination of, or transacts the business of a residential closed-end mortgage loan secured by a first lien or equivalent security interest on a one to four unit dwelling, through a Principal Lending Manager.
Who does not need this license?
- The federal Government, a state, a political subdivision of a state, or an agency of or entity created by a governmental entity. Depository institutions and affiliates of depository institutions or their employees or agents are also exempt.
- An individual who makes a loan secured by an interest in real property with the person’s own money and for the person’s own investment that does not engage in the business making loans secured by an interest in real property
- A nonprofit corporation that is exempt from paying federal income taxes and is certified by the United States Small Business Administration as a small business investment company; and is organized to promote economic development in the is state; and has as its primary activity providing financing for business expansion.
- A court appointed fiduciary; or an attorney admitted to practice law in this state if the attorney is not principally engaged in the business of negotiating residential mortgage loans; and when the attorney renders services in the course of the attorney’s practice as an attorney. However an exempt attorney m ay not engage in conduct described in Section 61-2c-301 when transacting the business of residential mortgage loans.
Pre-requisites for License:
- 40 Hours of Utah approved education
- 20 Hours of NLMS approved education
- Take and pass the NMLS national exam
- Take and pass the State DRE exam
- Fingerprints for an FBI criminal history background check
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Utah State Requirments
SAFE ACT Requirements
- SAFE MLO Test – Existing licensees must pass the National Component of the SAFE MLO Test at time of renewal in 2010 but no later than 12/31/2010. It is recommended that individuals pass the National Component of the SAFE MLO Test by 5/31/2010 in order to ensure adequate time for processing of the application. All new applicants must pass the National and State Components of the SAFE MLO Test before a license will be approved.
- Criminal Background Check - Licensees must submit fingerprints through NMLS for a criminal background check prior to renewal in 2010 but no later than 12/31/2010.
- Credit Report - Licensees must authorize a credit report through NMLS at renewal in 2010 but no later than 12/31/2010.
Utah Mortgage Education Requirements
- Continuing Education (Required courses – 2 hours ethics, 3 hours Fed/State Law) – This course should be taken every 2 years on renewal.
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/1/2010 must have completed 20 hours of NMLS approved pre-licensure education, and an additional 40 hours of UT specific. Existing licensees will not need 20 hours of NMLS approved pre-license education if all other MLO requirements are met by 12/31/2010.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees prior to 10/1/2009 must complete 14 hours of Utah DRE or NMLS approved continuing education in 2010 in order to renew for 2011. All licensees after 10/1/2009 must complete 8 hours of Utah DRE or NMLS approved continuing education in 2010 in order to renew for 2011. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of UT-DRE state approved education on or before 12/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information
- Certification (Test) – Currently licensed MLOs who have passed the UT-DRE mortgage test no later than 2/21/2010 may be eligible to participate in the testing certification process and may not need to take the UT-DRE State Component of the SAFE MLO Test. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.