Not only was I taught the basics of underwriting, but how to make loans work!
-Julie Bailey, Bank of Utah

I’m interested in becoming a Loan Officer in Utah, where do I begin?
Beginning January 1, 2005, the state of Utah requires that any person interested in obtaining a mortgage lending license who has never had one must complete 20 hours of pre-licensure education. After completing the 20 hour course, you then take the state required lender exam, hopefully pass, and apply for your license.

I have a Utah Mortgage Lender license, but I haven’t taken the test, what now?
If you currently have a license but you have not taken the test, your license is inactive. You must pass the exam before your license expires to activate your license.

I have a license, but it has expired. What must I do to reactivate it?
If your license has been expired for more than 1 month but less than 6 months you must take and pass the mortgage lenders exam as well as complete 12 hours of continuing education to renew.

If your license has been expired for more than 6 months, you have to start over completely. This means you must complete the 20 hours of pre-licensure education, take and pass the exam, and re-apply for your license.

What is the difference between Continuing Education and Pre-licensure education?
Pre-licensure education is education required before you obtain a license (as the name suggests). The pre-licensure course is taught from a specific curriculum that has been prescribed by the Utah Division of Real Estate. Regardless of where the education is completed, the curriculum will be the same; however, any school teaching the PL course must be approved. Mortgage Educators is approved and offers the PL course once a month.

Continuing Education is any course approved by the Utah Division of Real Estate that teaches mortgage related topics. The state requires that you have 14 hours of CE each time you renew (every 2 years). Beginning January 1, 2005 all CE courses must be approved by the state. Mortgage Educators courses are approved for various hours of CE credit and are taught multiple times throughout the month beginning in February, 2005.

How much will it cost to become a lender in Utah?
Mortgage Educators Pre-licensure Course: $295.00 Utah Lender Exam Fee: $75.00 (Pay to Promissor Testing Centers) Entity Application Fee: $200.00 (Pay to Utah Division of Real Estate) Recovery Fund Fee: $50.00 (Pay to Utah Division of Real Estate) Fingerprint Processing Fee: $39.00 (Pay to Utah Division of Real Estate) Total Cost: $659.00

Disclaimer: This information is accurate to the best of Mortgage Educators’ knowledge. This industry changes fast, the best place for information is the Utah Division of Real Estate, located online at www.commerce.utah.gov/dre.