Licensed Mortgage Loan Originator And Lending Manager
How do I renew my loan originator or lending manager license?
In addition to the continuing education that is required on a national level that includes eight hours of continuing education (3 hours of federal law and regulations, 2 hours of ethics, 2 hours of nontraditional mortgage loan origination, and 1 hour of elective), there is now an additional requirement of state-specific law and regulation. This course is only approved through the Division of Real Estate and the content and length of the course will be updated on an annual basis.
For 2016, the course will consist of two hours of Utah law and regulation. This course must be completed no later than December 15th in order to ensure an on time renewal. Note: This course will not show on your NMLS record but will be tracked outside of NMLS on Division records. Click on PROVIDERS to obtain a list of courses available.
Individual Renewal Checklist (Loan Originators and Lending Managers)
Prior to November 1, 2016
- Review your filing in the NMLS to make sure your information is current and correct. This includes mailing address, email, phone numbers, name, and employment history.
- Review your filing to make sure there are no license items placed on your filing. License items can be deficiencies or requirements that are pending on your license and must be cleared prior to requesting renewal. Some common deficiencies include Employment History Updates, ACH Payments that may have been returned unpaid, requests for information about Disclosure Questions or Credit Reports. Satisfy all pending license items prior to renewal. You may call the licensing department at 801-530-6747, if you do not understand your deficiency or need help in getting it cleared. When a license item is placed on your filing, you receive an email through the NMLS notifying you of the deficiency or requirement.
**REFER TO YOUR INDIVIDUAL NMLS DASHBOARD TO REVIEW ANY OUSTANDING REQUIREMENTS AND/OR DEFICIENCIES**
- If your driver’s license number has changed, be sure to indicate this update on your filing, as well as your US citizenship status. This is found under the Identifying Information section on your MU4 form. If this information is incorrect or incomplete, we may place a deficiency on your license requiring you to provide the Division with a copy of the Certificate of Legal Presence. http://realestate.utah.gov/forms/cert_legal_pres_fillable.pdf If your information is recorded accurately on your filing, you will not need to submit this form (Certificate of Legal Presence) to us as you may have done in prior years.
- NMLS-approved continuing education (8 hours) must be completed prior to requesting renewal. It is recommended that to insure an on time renewal, these hours must be completed no later than December 15, 2016. The NMLS will prevent you from requesting renewal if these hours are not banked.
- Utah specific continuing education on Utah Law (2 hours) must be completed prior to renewal approval. Note: The NMLS system will not prevent you from requesting renewal, but if we later find you have not completed the 2 hours of Utah law, a deficiency will be placed on your filing and your renewal will not be approved until the hours are completed. To find providers for this course, you must go to the Utah Division of Real Estate website to find a list of approved providers. http://realestate.utah.gov/forms/MO_CE_Providers1.pdf . Note: To insure an on time renewal, these hours must be completed no later than December 15, 2016. It is also important to note that these hours will not be banked in your NMLS account. These hours will only be tracked in the Utah DRE database.
- If your license is on probation and there are requirements that must be completed at renewal, either to have the probation removed or as terms of the probation, make sure these items are reported to the Division before you request renewal. This will aid in getting your renewal processed in a timely manner.
On or After November 1, 2016:
- You can now request renewal. The renewal fee is $78.00 which includes the NMLS processing fee of $30, Renewal fee of $30.00 and Recovery Fund fee of $18.00.
- If there is a change in your answers to the Disclosure Questions, you must upload the required documentation explaining the change in your filing.
- If you request your renewal prior to January 1, 2017, your license will remain in the status that it was prior to renewal. If your status was active, you can continue to work as usual. Your renewal approval is contingent on all requirements being met, in which case the Division will process the renewal as quickly as possible and email your new license to you.
Entity License Renewal (company, dbas, branches):
Prior to November 1, 2016
- Review MU1 filing and/or MU3 filing to confirm that all the information, company location, mailing address, contact information, etc., is all correct.
- If there is a change in your answers to the Disclosure Questions, you must upload the requirement documentation explaining the change in your filing.
- Review the entity filing to make sure there are no license items placed on the filing. These items could include things like a returned ACH Payment, update qualifying individual, company ownership, etc.
On or After November 1, 2016:
- Request and pay renewal fees through NMLS between November 1 and December 31, 2016.
- If renewal is requested prior to January 1, 2017, the license will remain in the status that it was prior to renewal. If the status was active, work can continue as usual. Your renewal approval is contingent on all requirements being met, in which case, the Division will process the renewal as quickly as possible and email your new license to the email address listed in the contact information.
**Submit the Certification of Legal Presence only if requested of you by the Division..