61-2c-201.2. Temporary authorization to act as a mortgage loan originator.
(1)
In accordance with the provisions of this section, an individual is temporarily authorized to act as a mortgage loan originator if:
Terms Used In Utah Code 61-2c-201.2
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
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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
an entity licensed to transact the business of residential mortgage loans employs the individual;
(b)
the individual submits an application for licensure as a mortgage loan originator in accordance with Section 61-2c-202;
(c)
the individual demonstrates that the individual:
(i)
(A)
is registered as a mortgage loan originator with a depository institution; and
(B)
was registered in the nationwide database as a mortgage loan originator during the one-year period before the day on which the individual submitted the application described in Subsection (1)(b); or
(ii)
was licensed as a mortgage loan originator in another state during the 30-day period before the day on which the individual submitted the application described in Subsection (1)(b); and
(d)
the individual has not in any governmental jurisdiction:
(i)
had an application for licensure as a mortgage loan originator denied;
(ii)
had a mortgage loan originator license revoked or suspended;
(iii)
been subject to, or served with, a cease and desist order in connection with a residential mortgage loan transaction; or
(iv)
been convicted of, pled guilty to, pled no contest to, or resolved by a plea in abeyance agreement, a crime that would preclude the individual from licensure as a residential mortgage loan originator, as provided by rule the division makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2)
Temporary authorization for an individual who meets the requirements described in Subsection (1) to act as a mortgage loan originator:
(a)
begins the day on which the individual submits an application in accordance with Section 61-2c-202; and
(b)
ends the day on which any of the following occurs:
(i)
the individual withdraws the application described in Subsection (2)(a);
(ii)
the division denies the application described in Subsection (2)(a);
(iii)
the division grants the application described in Subsection (2)(a); or
(iv)
120 days pass after the day on which the individual submits an application for registration in the nationwide database.
(3)
A person employing an individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as if the individual was licensed in this state as a mortgage loan originator.
(4)
An individual with temporary authorization under this section is subject to the requirements of this chapter to the same extent as an individual licensed in this state as a mortgage loan originator.
(5)
In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the division may make rules regulating the temporary authority of an individual to act as a mortgage loan originator in accordance with this section.
