fadra44
10-20-2005, 08:09 AM
I have a loan officer requesting to do a single loan in Utah. I'm trying to find out the specifics of the deal but was wondering if anyone had any thoughts on doing a single deal without a license. For this scenario, let's assume that the borrower is a resident of Utah.
The information I found on the Utah website suggests no:
LICENSING WITH THE UTAH DIVISION OF REAL ESTATE
Under the Utah Residential Mortgage Practices Act (the "Act")
Who must license?
Any person that transacts the business of residential mortgage loans in Utah must obtain a license from the Division. ‘Person’ means Individuals, and Entities such as LLC’s, partnerships, corporations, etc. This means those who, whether physically located in or out of Utah: 1) make or originate a residential mortgage loan directed to or received in the State of Utah, 2) directly or indirectly solicit, place, or negotiate such a mortgage loan, or 3) render services related to the origination, or funding of such a mortgage loan, including taking applications, obtaining verifications and appraisals, and communicating with the borrower and lender. Utah Code §61-2c-102. Every Individual or Entity that does any of the above must be licensed with the Division. If an Individual transacts mortgage business by or through an Entity, both the Individual and Entity must be licensed.
Exempt persons are federal government agencies, state agencies, employees of those agencies, and depository institutions and their affiliates and employees. ‘Depository Institutions’ are banks, savings and loan associations, credit unions and industrial loan companies. Entity licensing is for residential mortgage loan Entities that do not fall under the ‘exempt’ status.
The information I found on the Utah website suggests no:
LICENSING WITH THE UTAH DIVISION OF REAL ESTATE
Under the Utah Residential Mortgage Practices Act (the "Act")
Who must license?
Any person that transacts the business of residential mortgage loans in Utah must obtain a license from the Division. ‘Person’ means Individuals, and Entities such as LLC’s, partnerships, corporations, etc. This means those who, whether physically located in or out of Utah: 1) make or originate a residential mortgage loan directed to or received in the State of Utah, 2) directly or indirectly solicit, place, or negotiate such a mortgage loan, or 3) render services related to the origination, or funding of such a mortgage loan, including taking applications, obtaining verifications and appraisals, and communicating with the borrower and lender. Utah Code §61-2c-102. Every Individual or Entity that does any of the above must be licensed with the Division. If an Individual transacts mortgage business by or through an Entity, both the Individual and Entity must be licensed.
Exempt persons are federal government agencies, state agencies, employees of those agencies, and depository institutions and their affiliates and employees. ‘Depository Institutions’ are banks, savings and loan associations, credit unions and industrial loan companies. Entity licensing is for residential mortgage loan Entities that do not fall under the ‘exempt’ status.
