Wow, talk about cleaning up the riff raff! Can you believe this?
by PR or News Wire
20 May 2010—
Deanna Sabey, Director of the Utah Division of Real Estate, announced that close to 7,200 Utah mortgage licensees are in danger of losing their license and will have to reinstate national and state education and testing requirements if they fail to transition to a new federal Nationwide Mortgage Licensing System (NMLS) by May 31, 2010. To date, only 28 percent of licensed Utah mortgage professionals have completed the required NMLS transition.
“We are very concerned that come June 1st there will be thousands of unhappy mortgage professionals who will have to re-take national and state exams instead of conducting business and earning a living,” said Deanna Sabey, Division Director, “We also fear this could impact Utah’s real estate market economy and consumers’ ability to purchase homes and property from licensed mortgage professionals in a timely manner.”
The May 31st deadline affects the following mortgage license types;
- Mortgage Loan Originators
- Associate Lending Managers
- Principal Lending Managers
- Mortgage Entities
Utah mortgage licensees who fail to submit their NMLS transition by May 31, 2010 must satisfy the following requirements;
- 20 Hours of NMLS Pre-license Education
- 40 Hours of Utah Pre-license Education
- Pass both NMLS Utah and NMLS National Exams
- Reapply for License
For more information, contact the Utah Division of Real Estate at (801) 530-6747 or log on: www.realestate.utah.gov