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Industry Compliance All residential mortgage loan originators must be either state-licensed or federally registered. All state licensed and federally registered mortgage loan originators
must be registered with the Nationwide Mortgage Licensing System & Registry.
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S.A.F.E. Implementation Plan The SAFE Implementation Plan addresses the major standards under the SAFE Act that state
regulatory agencies, mortgage loan originators, and the Nationwide Mortgage Licensing System and Registry (NMLS&R) must
meet. These include: Criminal History Record Information Checks Credit Report Checks National Testing of Mortgage
Loan Originators Nationally Approved Pre-licensure and
Continuing Education Surety bond/Recovery Fund Requirements
NMLS&R Mortgage Call Reports Public access Consumer
complaint processing
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State of Utah Compliance All existing mortgage licensees can take the new Federal exam starting Oct 1, 2009. All existing mortgage licensees are only required to pass the Federal exam. Utah existing mortgage licensees will not be required to take any NMLS pre-license
education. All existing mortgage licensees must submit their
personal data to the NMLS Jan 1,2010 thru May 30, 2010. Mortgage
license renewal begins November 1, 2010. All existing mortgage
licenses will expire on December 31, 2010.
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