Changes to Utah Mortgage Financing Regulation Act

Contact: Eva Rees, 801-538-8834.

During the 2016 Legislative Session, HB 177 was passed. The bill added a new definition of “Mortgage Lender”. The definition includes six activities related to originating a mortgage loan.


The six activities that a lender performs to be a “Mortgage Lender” are:

  1. taking and processing an application;
  2. providing a required disclosure;
  3. in some circumstances, underwriting the mortgage loan and making the final credit approval decision;
  4. closing the mortgage loan in its name;
  5. funding the mortgage loan; and
  6. selling the mortgage loan to an investor.

If your company meets the definition of “Mortgage Lender”, you are now required to file a Residential First Mortgage Notification with the Department of Financial Institutions. This notification is in addition to any licensing requirements the company already has.


To file the Notification, go the the NMLS and check Utah and Department of Financial Institutions. There you will find the Residential First Mortgage Notification. The effective date of the law is May 10, 2016. Since there is no grace period in the bill, you should plan to file prior to or on May 10, 2016.