Utah Updates MLO Requirements under Utah Residential Mortgage Practices and Licensing Rules

The Utah Division of Real Estate (the Division) has amended its Utah Residential Mortgage Practices and Licensing Rules by making the following changes:

• Making the rules consistent with Utah’s adoption of the Uniform State Test, which occurred by statute earlier in 2017, by eliminating the requirement that a mortgage loan originator (MLO) pass a test with Utah-specific questions;
• Clarifying the timing and reordering the procedures for applying for a lending manager license;
• Clarifying the experience requirements for a lending manager license;
• Allowing a lending manager applicant who passes one portion of the lending manager examination but fails the other part 90 days to pass the failed portion; and
• Requiring all newly licensed MLOs to complete a Division-approved continuing education course prior to renewing their license at the end of the first full calendar year of licensure.

The new rules went into effect on July 11, 2017 and a copy of the changes can be found here.