Utah Adopts Provisions Regarding Licensing under Residential Mortgage Practices and Licensing Act
The Utah Department of Commerce, Division of Real Estate, adopted provisions relating to licensing and registration procedures under its Residential Mortgage Practices and Licensing Act (RMPLA). These provisions are effective immediately.
The purpose for the adopted provisions under Section R162-2c-201 is to make the rule consistent with the adoption of the Uniform State Test approved by statutory amendment in 2017; clarify the timing, reorder the procedures, revise the requirements for applying for a lending manager license; and to clarify the deadlines associated with an application for licensure. The changes in Section R162-2c-204 add a requirement for a division-approved continuing education course for mortgage loan originators newly licensed in Utah.
The amendment to Section R162-2c-201 of the rule eliminates the requirement that a mortgage loan originator pass a test with Utah-specific questions for licensure, and substitutes in its place a requirement for passing the nationally recognized Uniform Standard Test as sufficient for application for licensure.
The rule clarifies the timing and reorders the procedures for applying for a lending manager license. The rule also clarifies the experience required for an applicant for licensure as a lending manager and notifies an applicant that failure to adequately document their experience will result in the denial of an application for licensure.
The amendment also allows a lending manager applicant who passes one test portion of the exam but fails the other 90 days from the date on which the individual achieves a passing score on the first portion of the exam to pass the failed portion.
Furthermore, the rule provides that a lending manager applicant has 90 days from achieving a passing score on both portions of the licensing exam and 12 months from completion of pre-licensing education to submit an application for licensure.
To offset the elimination of the Utah-specific questions for licensure, the amendment to Section R162-2c-204 requires all mortgage loan originators newly licensed in Utah to complete a division-approved continuing education course prior to renewing their license at the end of the first full calendar year of licensure.