Mortgage Loan Originators:
On or after January 1, 2011, unless exempt from licensing, no individual can act as a mortgage loan originator (MLO), or hold himself out to the general public as a mortgage loan originator, unless such individual has first obtained a license under Utah Code, Title 70D Chapter 3.
An individual can only apply for a Utah Department of Financial Institutions MLO license by filing Form MU4 through NMLS.
NMLS will begin accepting applications for Utah Department of Financial Institutions MLO licenses on October 1, 2010. You are urged to file an application as soon as practicable, in order to obtain the required license by January 1, 2011.
Before submitting the MU4, you must establish an NMLS account.
NOTE: If you have submitted Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to add the Utah Department of Financial Institutions Mortgage Loan Originator license request in the license wizard in NMLS and submit along with the applicable documents.
In order to qualify for a license, mortgage loan originators must meet the additional requirements listed below by January 1, 2011:
- Pre-license Education
- A Passing Score on a National and State Mortgage Test
- Satisfactory criminal background check
- Posting a bond
See also License Descriptions and Checklists.
The Department of Financial Institutions does not have plans at this time to process mortgage company licenses through NMLS.
You are responsible for reviewing Title 70D Chapter 3 of the Utah Code and related regulations to ensure familiarity and compliance. You can find these documents linked online at http://www.dfi.utah.gov.