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How much does a Utah mortgage broker, lender, or originator bond cost?
Utah mortgage broker, lender, or originator bond costs start at $213 annually. Your personal premium will be provided after a quick application review.
How do I get a mortgage lender, broker, or originator bond in Utah?
You can apply for your Utah mortgage lender, broker, or originator bond online 24/7. Simply provide your name and address for Division of Real Estate filing approval. Once your order has been processed, you'll receive a digital copy of your bond by email. Your official bond documentation will be delivered to your preferred mailing address.
How fast can I get a mortgage loan license surety bond?
Our industry-leading technology and responsive customer service team allows us to deliver your official Utah mortgage mortgage loan license bond faster than any other surety company. The Division of Real Estate requires your Utah mortgage license bond be physically issued and shipped to you, so choose overnight shipping during checkout if you're in a rush. Orders placed by 4 PM CST Monday-Friday are typically shipped same-day.
If you have questions about Utah mortgage bonds or your application, call 1(800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage license bond process so you can get back to running your business.
What is a Utah mortgage lender, broker, or originator bond?
Individuals who apply to broker or originate residential real estate loans must file a $25,000 surety bond to guarantee their compliance with the Utah Residential Mortgage Practices Act. The state's official bond form is titled the “Residential Mortgage Broker Bond Entity Applicant” but is more commonly known as the "mortgage broker bond," mortgage lender bond," or "mortgage loan originator bond." This Utah surety bond form specifically protects an person who might have a cause of action against the licensed mortgage professional under the Utah Residential Mortgage Practices Act.
Why is the Utah mortgage license surety bond required?
You must file this surety bond to fulfill Utah state mortgage licensing requirements. By filing your Utah mortgage broker, originator, or lender bond, you agree to comply with the Utah Residential Mortgage Practices Act when servicing mortgage loans. If you fail to do so, your issuing surety company will pay valid claims to harmed parties up to your full $25,000 bond amount, which you must reimburse.
Who regulates licensing for mortgage lenders in Utah?
The Utah Department of Commerce Division of Real Estate enforces licensing requirements for mortgage processionals working in the state. You can contact the Division by calling 1(801)530-6747 or emailing [email protected].
The Utah Department of Commerce Division of Real Estate requires this bond for state mortgage licensing compliance. If you work as a mortgage professional in other states, we also offer mortgage industry license bonds nationwide.
How do I update or change my mortgage loan license bond form?
If the Utah Division of Real Estate requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name or address to match your electronic NMLS filing.
How do I renew my Utah mortgage broker, originator, or lender bond?
You must renew your mortgage broker, originator, or lender bond before its current term ends. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next mortgage license term.
How do I get a mortgage lender license in Utah?
Complete the steps below to apply for your Utah lending manager license with the Department of Real Estate and Nationwide Multistate Licensing System (NMLS).
- Complete 40 hours of verified pre-licensing education, and pass the required examination.
- Pay the $30 NMLS filing fee and the $118 Department of Real Estate application fee.
- Provide a credit report, which costs $15.
- Undergo a criminal background check, which costs $36.25.
- Upload required documentation in NMLS.
- Complete and mail all required Department of Real Estate documents to the address below.
Utah Division of Real Estate
PO Box 146711
Salt Lake City, UT 84114-6711
How are claims handled for a Utah mortgage lender bond?
A claim can be filed against your bond if an individual suffers damages due to your noncompliance. If your surety company determined the claim is valid, they'll pay damages up to your $25,000 bond amount, which you must reimburse in full.