Here at the Institute of Real Estate Education we are developing licensing courses for Loan Officers. We currently have the 5 hour Post License Course for Mortgage Loan Officers, and we expect to have additional classes developed this year.
Mortgage Loan Officer applicants will need to comply with the SAFE Act.
To become a licensed Mortgage Loan Officer an individual must:
- Meet the statutory licensing qualifications of good moral character, competency, honesty, integrity, and truthfulness. (Utah Code Annotated §61-2c-203)
- Meet the statutory minimum licensing qualifications as outlined in Title V Sec 1505 of the Safe Act, that include the following:
- The applicant has never had a loan originator license revoked in any governmental jurisdiction.
- The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court–
- During the 7-year period preceding the date of the application for licensing and registration; or
- At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering.
- The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the loan originator will operate honestly, fairly, and efficiently within the purposes of this title.
- Be at least 18 years of age at the time of application.
- Create your personal record in NMLS. Please reference NMLS Quick Guides. You will need your NMLS identifier number to provide to course providers. This will also allow you to schedule your exams after completing your education.
- Take the education requirements that include 20 hours of NMLS-approved courses (3 hours federal law and regulations, 3 hours ethics (including fraud, consumer protection, and fair lending practices), 2 hours non-traditional mortgages, and 12 hours of electives); AND 15 hours of Utah-approved pre-licensing education (Coming Soon!) through an approved provider. The Utah 15-hour education must be completed. This course expires one year after completion so you must apply for a license before it expires.
- You must take and pass the NMLS national exam, including the Uniform State Test (UST) component.
- After passing both exams, complete the MU4 Form (Individual Record) in NMLS. This is your application for licensure. The company you are affiliating with will need to sponsor you for an approved (active) license. If you do not have a sponsor, your license will be in an inactive status until you have an employer sponsorship.
- Pay all licensing fees as assessed in NMLS.
- After requesting the license through NMLS, a copy of the certificate for completing the 15-hour Utah prelicensing course to the Division.