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Do All Utah Mortgage Loan Originators Have Bond Requirements for Licensure?

A

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 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:

  • Up to $5 million = $12,500 Bond
  • $5 million to $15 million = $25,000 Bond
  • Over $15 million = $50,000 Bond
  • Business entities are not required to have a bond, but they may elect to provide a 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:

  • Up to $10 million = $25,000 Bond
  • $10 million to $30 million = $50,000 Bond
  • Over $30 million = $100,000 Bond
  • The original 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.

    How Much Will This Bond Cost?

    The premium that you pay for a Utah Mortgage Loan Originator 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.

    Have Questions?

    Contact our Surety Bond Specialists at:

    Phone: 1‑844‑432‑6637
    Emailinfo@suretygroup.com
    Fax:     404-351-3237
    Hours: 8:00-5:00 CST, Monday through Friday



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