Residential Mortgage Loan Originators in Utah whom are individuals or independent originators that receive payment or are compensated for taking residential mortgage loan applications or negotiates a residential mortgage loan are required to have a license and obtain a surety bond.
Applicants can apply for a license through the National Mortgage Licensing System (NMLS).
Applicants must complete the following for licensure:
Complete the pre-licensure education and pass the SAFE test.
Complete the application and pay the NMLS processing fee, the license/registration fee, credit report fee and FBI criminal background check fee.
If any responses to the disclosure statements were answered “yes,” provide an explanation and back-up documentation for each.
Obtain a surety bond based on the dollar amount of loans originated:
Business entities are not required to have a surety bond, but they may elect to provide a surety bond on behalf of the Mortgage Loan Originators working exclusively for the business.
The bond amount is based on the dollar amount of loans originated within the business:
The original surety bond must be mailed directly (not through NMLS) to the Utah Department of Financial Institutions. P.O. Box 146800, Salt Lake City, UT 84114-6800.
The premium that you pay for a Utah Mortgage Loan Originator Surety Bond is dependent on credit and the bond amount required. Entities that opt to obtain a bond may be required to provide personal and business financial statements due to the higher bond amounts recommended.
Hours: 8:00-5:00 CST, Monday through Friday