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Licensed Lending Manager

Frequently Asked Questions
What is the SAFE Act and NMLS?
Following the economic crises of 2008, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) was established to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud. To reach this end a Nationwide Mortgage Licensing System and Registry (NMLS) was established to provide uniform license applications and reporting, comprehensive supervision, work flow among regulators, enhanced consumer protection, consumer access to information, and other measures designed to reduce fraud and protect the consumer. This will impact all licensed mortgage officers and affect in some degree how they maintain their licenses.
Who must license?
According to Utah law, and now Federal law, any individual, company, company branch, or DBA (whether physically located in Utah or not) that transacts the "business of residential mortgage loans" in Utah must register and/or obtain a license from the Division. For a simple chart showing what you must do and when see: Safe: 2009 and 2010 Changes.

"Business of residential mortgage loans" is defined in statute as: 1) originating a residential mortgage loan; 2) directly or indirectly soliciting, placing, or negotiating a residential mortgage loan; or 3) rendering services related to the origination or funding of a residential mortgage loan, including taking applications, obtaining verifications and appraisals, and communicating with the borrower and lender. (Utah Code §61-2c-102)

Who is exempt from licensing?

How do I become a licensed Lending Manager?

You must become a licensed Lending Manager to serve as a Principal Lending Manager for an entity or dba or a Branch Lending Manager for a branch. You can also obtain a Lending Manager license and leave it in an Associate Lending Manager status if you are not currently serving as either a Principal Lending Manager or a Branch Lending Manager for an entity. On NMLS your license will show only as a Lending Manager and the status will be determined by your position and tracked on the Division's records.

To become a Lending Manager you must meet the following requirements:

  1. Meet the minimum statutory licensing qualifications as outlined for a Mortgage Loan Originator. 
  2. Provide evidence of meeting the qualifications to pursue the license as outlined by rule. You will need to validate this experience. on the Lending Manager Experience Documentation form.
  3. Complete, sign, and submit to the Division all required elements of the Lending Manager Experience Documentation Form. This form helps the Division to objectively identify if you meet the required experience.
  4. Wait for the notice of approval from the Division prior to taking the pre-license education and exam. You will be sent an Education Certifying Document issued by the Division that will authorize you to take the education. The provider will need to complete a similar Education Certifying Document to authorize you to take the exam. This certificate will need to be sent to the Division when you request a license and is only valid for one year from the date of issue.
  5. Take 40 hours of approved education from a certified Mortgage Pre-license School as outlined on the Lending Manager Pre-license Education Curriculum.
  6. Take and pass the Lending Manager exam (and the NMLS national exam with UST component, if not already passed).
  7. Request licensure through NMLS and pay associated fees within 90 days of passing the Lending Manager exam.   Note: The Lending Manager exam score is good for 90 days so you must request a license within that time frame.
  8. Submit to the Division:
    • Original 2 page applicaton with a passing score on the Lending Manager exam.
    • Signed and stamped Education Certifying Document (issued by the Provider).
    • Supporting documentation to any "YES" answers from the MU4 Form in NMLS.