Late CE 1 Hour UT-DRE SAFE: Utah Mortgage Continuing Education (14832)

​​​​​​​​​​​​​​This course is approved for "Late CE" credit only.

The Utah Division of Real Estate (DRE) require those who hold a Utah mortgage license to complete a one-hour course on Utah mortgage laws and regulations as a requirement for annual license renewal. This online course covers the required topics as defined by the DRE for 2023 license renewal through the NMLS.

This one-hour course will cover the topics outlined by the DRE. We'll start with updates to the Utah Residential Mortgage Practices and Licensing Act that were added in 2022. Next, we'll cover several topics recommended by the Division. Finally, we'll review cases of licensee violations that resulted in orders or fines by the DRE.

(Note that last year the course was two hours long. This year, the DRE required the course to be one-hour long.)

Licensees who do not complete their annual mortgage license training may be placed in a Reinstatement Period and are prohibited from practicing mortgage loan origination activities until their licenses are reactivated and their continuing education requirements have been completed. Licensees have until the end of February to bring their licenses up to date. A penalty Reinstatement Fee may apply when renewing your license. A license will expire if it is not renewed during the Reinstatement Period.

Not every state agency allows for reinstatement of a license. Check the Annual Renewal Information page on the NMLS website to verify if the agency you are licensed under allows for reinstatement, when the last date of reinstatement is, and what the applicable penalty fees may be.

• https://mortgage.nationwidelicensingsystem.org/slr/common/renewals/Pages/default.aspx

Topics and Learning Objectives

This course consists of three modules and a final exam:

1. RMPLA Rule Changes Made During 2022 Legislative Session (5 minutes)

2. Mortgage Commission Suggested Topics (20 minutes)

3. Mortgage Licensing and Disciplinary Actions Taken in 2022 (25 minutes)

4. Final exam (10 minutes)

Total study time: 1 clock hour

Module 1: RMPLA Rule Changes Made During 2022 Legislative Session

This module will summarize the changes to the Utah Residential Mortgage Practices and Licensing Act that were made during the 2022 Utah Legislative Session as described through Utah House Bill 69.

After completing this module, you will be able to:

• Explain why the Utah Department of Real Estate (DRE) may only collect the application fee in processing a license application

• Describe why the phrase "good moral character" was eliminated from the Utah Code

• Identify the new rules relating to reapplying for a license after one's license was revoked

Module 2: Mortgage Commission Suggested Topics

This module will review various topics and matters deemed vital for proper residential mortgage loan origination by the Utah Division of Real Estate (DRE).

After completing this module, you will be able to:

• Explain post-dating documents, and why this practice is prohibited

• Describe the essential characteristics of hard-money lending

• Differentiate between various Utah licensing roles, like mortgage loan processors and lending managers

• Identify who must be licensed in the Utah mortgage business

Module 3: Mortgage Licensing and Disciplinary Actions Taken in 2022

All Utah licensees are expected to comply with and adhere to every established rule and procedure. Failure to do so can and will result in sanctions that include but are not limited to fines, license suspension, license revocation, and, in particularly egregious circumstances, criminal prosecution. Although the Utah DRE lacks the authority to effectuate criminal actions, it can (and frequently does) refer matters to the Utah State Attorney General’s office for criminal prosecution.

Educating licensees about compliance is, of course, crucial. Describing disciplinary actions incurred by licensees and others who failed to act compliantly reinforces and promotes appropriate behavior by deterring others from replicating those transgressions and incurring similar consequences.

Before delving into specific case examples of Utah licensee disciplinary actions, it’s important to clarify that the extent of any sanctions imposed is typically based on whether the criminal or non-compliant conduct was self-reported by the licensee, discovered through a criminal background check, or discovered through an independent audit or investigation.

After completing this module, you will be able to:

• Describe various real-world examples of illegal mortgage lending activity

• Understand how Utah laws apply to real-life situations in the lending industry

• Determine the legality of various activities involved in mortgage lending activity

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS

• Click on the Composite View tab.

• Click View Individual on the sub-header row.

• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center:

https://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Create-an-Individual-Account-Quick-Guide.pdf