Mortgage Lending

The Utah Division of Real Estate is the primary regulator of residential first mortgage lenders and brokers.   You may wish to check their web site for mortgage lenders and brokers not listed herein.

This list includes the servicers of mortgage loans, and lenders and brokers who are also depository institutions or their affiliates.

There are approximately 230 residential mortgage lenders, brokers, and servicers who have notified the department they are conducting business in Utah.

If you desire to conduct mortgage lending, brokering, or servicing activities with Utah consumers, please note.  Most first mortgage brokers and lenders are under the jurisdiction of the Utah Department of Commerce, Division of Real Estate.  Those subject to the jurisdiction of Financial Institutions are:

  • 1) 2nd Mortgage lenders (see Consumer Lending).
  • 2) 1st Mortgage Servicers.
  • 3) Depositories or affiliates thereof engaging in 1st Mortgage Brokering and/or Lending.
  • 4) Wholesale Lenders.
  • 5) Mortgage Lenders (see news section for new law).

If you are subject to first mortgage regulation by the Utah Department of Financial Institutions, or, if you are a loan originator as defined under Utah Code 70D-3-102(12)(a) “an individual who for compensation or in the expectation of compensation: (i) takes a residential mortgage loan application; or (ii) offers or negotiates a term of a residential mortgage loan,” then you must be licensed under the Nationwide Multistate Licensing System (NMLS).  Please click on the NMLS link below to learn more.

Visit the Nationwide Multistate Licensing System

To access the Utah code relating to mortgage lending follow the link below to the Utah State Legislature’s web site.

To access the Utah code relating to interest on reserve accounts for mortgage loans follow the link below to the Utah State Legislature’s web site.

Changes to Utah Mortgage Financing Regulation Act

Contact: Andrea Staheli, 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.