Utah Mortgage Broker Requirements
Mortgage brokers in Utah are licensed and regulated by the Utah Division of Real Estate. There are two separate licenses in Utah, an individual license and a company license. All mortgage companies licensed by the Utah Division of Real Estate require a licensed Principle Lending Manager who supervises and pays all mortgage officers.
Principle Lending Managers must have at least 3 years of direct supervision experience in the mortgage lending industry and must also complete forty (40) hours of education from a certified Pre-licensing Mortgage School. Applicants must then pass the state Principle Lending Manager exam. The exam may be taken outside of the state of Utah. Submission of Fingerprint Cards are also required.
Applicants seeking a Utah mortgage broker license are not required to maintain a physical office within the state of Utah.
Loan officers are required to take 20 hours of approved education at a Pre-licensing Mortgage School. Loan officers must pass the Mortgage Officer exam.
Utah Mortgage Licensing Fees
The Utah Division of Real Estate charges $250 in fees for a company license, $275 in fees for Principle Lending Managers and $275 in fees for Loan Officers.
For complete assistance on your Utah Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.