To qualify for licensure as a lending manager under this chapter, an individual shall:
Terms Used In Utah Code 61-2c-206
Associate lending manager: means an individual who:
(i)
qualifies under this chapter as a principal lending manager; and
(ii)
works by or on behalf of another principal lending manager in transacting the business of residential mortgage loans. See Utah Code 61-2c-102
Branch lending manager: means an individual who is:
(i)
licensed as a lending manager; and
(ii)
designated in the nationwide database by the individual's sponsoring entity as being responsible to work from a branch office and to supervise the business of residential mortgage loans that is conducted at the branch office. See Utah Code 61-2c-102
Business of residential mortgage loans: means for compensation or in the expectation of compensation to:
(A)
engage in an act that makes an individual a mortgage loan originator;
(B)
make or originate a residential mortgage loan;
(C)
directly or indirectly solicit a residential mortgage loan for another;
(D)
unless exempt under Section 61-2c-105 or excluded under Subsection (1)(i)(ii), render services related to the origination of a residential mortgage loan including:
(I)
preparing a loan package;
(II)
communicating with the borrower or lender;
(III)
advising on a loan term;
(IV)
receiving, collecting, or distributing information common for the processing or underwriting of a loan in the mortgage industry; or
(V)
communicating with a consumer to obtain information necessary for the processing or underwriting of a residential mortgage loan; or
Lending manager: means an individual licensed as a lending manager under Section 61-2c-206 to transact the business of residential mortgage loans. See Utah Code 61-2c-102
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
Mortgage loan originator: means an individual who, for compensation or in expectation of compensation:
(A)
(I)
takes a residential mortgage loan application;
(II)
offers or negotiates terms of a residential mortgage loan for the purpose of:
(Aa)
a purchase;
(Bb)
a refinance;
(Cc)
a loan modification assistance; or
(Dd)
a foreclosure rescue; or
(III)
directly or indirectly solicits a residential mortgage loan for another person; and
(B)
is licensed as a mortgage loan originator in accordance with this chapter. See Utah Code 61-2c-102
Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements. See Utah Code 61-2c-102
Prelicensing education: means education taken by an individual seeking to be licensed under this chapter in order to meet the education requirements imposed by Section 61-2c-204. See Utah Code 61-2c-102
Principal lending manager: means an individual:
(i)
licensed as a lending manager under Section 61-2c-206; and
(ii)
identified in the nationwide database by the individual's sponsoring entity as the entity's principal lending manager. See Utah Code 61-2c-102
Sponsorship: means an association in accordance with Section 61-2c-209 between an individual licensed under this chapter and an entity licensed under this chapter. See Utah Code 61-2c-102
State: means :
(i)
a state, territory, or possession of the United States;
mortgage loan originator prelicensing education as required by federal licensing regulations; and
(ii)
40 hours of Utah-specific prelicensing education for a lending manager that is approved by the division under Section 61-2c-204.1;
(c)
successfully complete the following examinations:
(i)
the mortgage loan originator licensing examination, including the national and uniform state test content, as approved by the nationwide database; and
(ii)
the lending manager licensing examination approved by the commission under Section 61-2c-204.1;
(d)
submit proof, on a form approved by the division, of three years of full-time active experience as a mortgage loan originator licensed in any state in the five years preceding the day on which the application is submitted, or equivalent experience as approved by the commission pursuant to rule that the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act;
(e)
submit an application in a manner established by the division by rule;
(f)
establish sponsorship with an entity licensed under this chapter;
(g)
submit to the criminal background check required by Subsection 61-2c-202(1)(b); and
(h)
pay a fee determined by the division under Section 63J-1-504.
(2)
A lending manager may not:
(a)
engage in the business of residential mortgage loans on behalf of more than one entity at the same time;
(b)
be sponsored by more than one entity at the same time; or
(c)
act simultaneously as the principal lending manager and branch lending manager for the individual’s sponsoring entity, unless:
(i)
the sponsoring entity does not originate Utah residential mortgage loans from the sponsoring entity’s location; and
(ii)
the sponsoring entity originates Utah residential mortgage loans from no more than one branch location.
(3)
An individual who is a lending manager may:
(a)
transact the business of residential mortgage loans as a mortgage loan originator; and
(b)
be designated within the nationwide database to act for the individual’s sponsoring entity as the principal lending manager, an associate lending manager, or a branch lending manager.
