Current Company Licensees/Registrants:
Companies holding a Mortgage Lender Company License or a Mortgage Lender Company License DBA in Utah have until May 31, 2010 to complete and submit through NMLS Form MU1 for their company and Form MU2 for each of their control persons.
Additionally, for each branch holding a Mortgage Company Branch Office License the company must complete and submit through NMLS Form MU3 by May 31, 2010.
It is important that current licensees have all of their Utah license numbers available when completing and submitting their Form MU1 and Form MU3(s). If you don’t know your Utah license number you can look it up at https://secure.utah.gov/rer/relv.
Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan officer license, or other action previously completed in paper form, from January 4, 2010 onward must complete these actions within NMLS. Paper forms will not be accepted after January 4, 2010.
We encourage you to update your information with our office by December 31, 2009, so at the time of transition there will be no pending changes to submit.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Utah and complete a few state specific fields.
See also License Descriptions and Checklists.
Associate Lending Managers and Principal Lending Managers:
Individuals holding an Associate Lending Manager or Principal Lending Manager licensing through the Utah Division of Real Estate will transition under the Lending Manager License by filing Form MU4 through NMLS by May 31, 2010.
It is important that current licensees have their Utah license number available when completing and submitting their Form MU4. If you don’t know your Utah license number you can look it up at https://secure.utah.gov/rer/relv
See also License Descriptions and Checklists.
Mortgage Loan Originators:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Mortgage loan originators in Utah have until May 31, 2010 to complete and submit Form MU4 through the NMLS. Companies employing mortgage loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the mortgage loan originator works from a branch) and the mortgage loan originator MU4 must all be submitted prior to the company Sponsoring the mortgage loan originator’s license.
It is important that current licensees have their Utah license number available when completing and submitting their Form MU4. If you don’t know your Utah license number you can look it up at https://secure.utah.gov/rer/relv.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Utah and complete a few state specific fields.
Mortgage loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Mortgage loan originators licensed prior to July 30, 2009 must meet the additional requirements listed below by December 31, 2010. Mortgage Loan originators licensed after July 30, 2009 must meet the additional requirements listed below by July 31, 2010.
Additional requirements will include:
- Pre-licensure certification(MLO’s who are licensed after 1/1/2010 MUST have completed 20 hours of NMLS and 40 hours of Utah Pre-Licensure Education)
- A Passing Score on a State and National component of the Mortgage Test(the State component will be available by March 2010, the National exam is available now)
- Satisfactory criminal background check including finger prints
- License Sponsorship in NMLS by your company
See also License Descriptions and Checklists.