Getting your Utah loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Utah Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Utah Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
Depending on which type of MLO license you’re trying to receive, your coursework will vary. For a more detailed description of the two types of MLO licenses, you can find a detailed explanation here. Read on to learn more about the educational requirements for both Utah-DFI and Utah-DRE licensing.
Utah-DRE MLO License:
You’re required to complete 35 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
12 hours of General Electives
15 hours of Utah-specific defined electives
The Utah-specific 15-hr. course is required by the Utah Department of Commerce Division of Real Estate.
Utah-DFI MLO License:
You’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
12 hours of General Electives
These courses are required by the Utah Department of Financial Institutions.
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Now it’s time to submit for official Utah licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the appropriate MLO New Application checklist below in order to ensure they’re ready to apply.
There is a corresponding license and application fee for each type of license. Those pursuing a Utah-DRE MLO License will owe $118, and those pursuing a Utah-DFI MLO License will owe $200.
Note: You only have to pay one of the two license fees, depending on the type of license you pursue.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
Criminal Background Check
The SAFE MLO Test
NMLS Processing Fee
Credit Report
License and Application Fee
*UT-DFI ONLY
License and Application Fee
*UT-DRE ONLY
In Utah, the Division of Real Estate (DRE) defines a Mortgage Loan Officer as:
Any individual who, in exchange for compensation as an employee of another person (partnership, limited liability company, limited partnership, corporation, association, or other group engaged in joint business activities, however organized), accepts or offers to accept applications for mortgage loans.
According to ZipRecruiter, Utah Mortgage Officers make approximately $75,000 per year on average as of November 2021. The 75th percentile of earners makes above $92,000, while the bottom 25th makes under $23,000. Top earners can earn more than $132,000 in Utah.
To say that the Utah real estate market is taking off is an understatement. From the picturesque desert landscapes of Moab to the family-focused suburbs of Salt Lake City, home prices in Utah have risen by an impressive 29.6% over the past year. That's great news for an MLO looking to make deals happen more frequently and at higher price points.
It pays to be a Mortgage Loan Officer in Utah. The median home cost in Utah is $498,000. At a commission rate of 1%, that’s a $4,980 payment for the MLO once the loan is secured. Here are the average home payouts in a few Utah locations:
Location | Average Home Price | Average Commission |
|---|---|---|
Salt Lake City | $565,000 | $5,650 |
West Valley City | $425,000 | $4,250 |
West Jordan | $510,000 | $5,100 |
Provo | $450,000 | $4,520 |
Orem | $470,000 | $4,700 |
$48,000,000 | $480,000 |
All average home price figures were collected from Zillow.
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Utah Mortgage Loan Corporation (Salt Lake City)
Altius Mortgage (West Valley City)
Loan Remedy (Provo)
American Pacific Mortgage (Salt Lake City)
