Utah is a tricky state. There is a Lending Manager requirement for each location that comes with a stringent point based experience requirement. In addition, there are two regulators and many companies must apply for licensure and/or provide "notification" to both. One of these notifications is handled in NMLS, but the other is not. Utah also requires a lot of pre-licensure education for both Lending Manager and MLOs. Contact us for assistance and we'll navigate the process for you.
- NMLS Cost: $300
- If your company qualifies as a "Mortgage Lender" under Utah Code, you must file this notification (contact us for assistance)
DFI - Residential First Mortgage Notification (Company)- NMLS Cost: $325
- Separate licenses are required for each trade name
- Qualifying Individual: must hold a Utah Lending Manager license
DRE- Mortgage Entity License (Company)- Cost: $100
- If you engage in second mortgage lending, this notification must be filed outside of NMLS at least thirty (30) days prior to commencing business (contact us for assistance)
DFI - Consumer Credit Notification (Company)- NMLS Cost: $245
- Branch Manager: must hold a Utah Lending Manager license
Mortgage Branch Office License (Branch)- NMLS Cost: $199.25
- Additional costs: $15 for credit report; $36.25 for background check
- Complicated point-based experience requirement (contact us)
- Education: 40 hours of Utah Lending Manager education required in addition to 20 hours of NMLS pre-licensure education
- Testing: Must pass Utah Lending Manager test (test results expire after 90 days); this process is handled outside of NMLS; this is in addition to passing the UST for mortgage loan originators
Lending Manager (Individual)- NMLS Cost: $199.25
- Additional Costs: $15.00 per credit report, $36.25 per criminal background check
- Education: additional fifteen (15) hours of Utah-DRE approved pre-license education is required; this is in addition to the 20 hours of NMLS approved pre-licensure education
Mortgage Loan Originator (Individual)