Utah Mortgage Loan Originator

How many hours of NMLS-approved pre-license education are required for an MLO license in Utah?

• A10 hours
• B15 hours
• C20 hours
• D25 hours

Which agency is the primary regulator of mortgage loan originators in Utah?

• AUT Real Estate Division
• BUT Department of Financial Institutions
• CUT Department of Commerce
• DUT Banking Commission

What type of foreclosure is primarily used in Utah?

• AJudicial foreclosure
• BNon-judicial trust deed foreclosure
• CStrict foreclosure
• DAdministrative foreclosure

What is the passing score required on the Utah MLO state exam?

• A65%
• B70%
• C75%
• D80%

What is the primary state law governing mortgage lending in Utah?

• AUT Real Property Act
• BUtah Residential Mortgage Practices and Licensing Act
• CUT Consumer Credit Code
• DUT Financial Institutions Act

What is the minimum surety bond required for MLO licensees in Utah?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

In Utah's trust deed foreclosure process, what is the required notice period before the sale?

• A30 days
• B3 months (approximately 90 days)
• C6 months
• D1 year

How many continuing education hours does Utah require annually for MLO license renewal?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What enforcement authority does the UT Department of Financial Institutions have over MLOs?

• ANo enforcement authority
• BAuthority to examine, investigate, impose penalties, issue orders, and revoke licenses
• COnly the power to issue warnings
• DOnly federal agencies enforce

In Utah, who conducts the trust deed foreclosure sale?

• AThe county clerk
• BThe trustee named in the trust deed
• CThe borrower
• DA state judge

What background check requirements apply to Utah MLO applicants?

• AOnly a credit check
• BFBI criminal background check through fingerprinting and a credit report
• COnly a state police check
• DNo background checks

Under the Utah Residential Mortgage Practices and Licensing Act, which practice is prohibited?

• AOffering competitive rates
• BEngaging in deceptive, fraudulent, or dishonest dealings in mortgage transactions
• CProviding multiple loan options
• DCollecting legitimate fees

What is the Loan Estimate disclosure requirement in Utah?

• ANot required
• BMust be provided within 3 business days of receiving a loan application
• COnly at closing
• DOnly for loans over $500,000

In Utah, what happens after the 3-month notice of default period in a trust deed foreclosure?

• AThe property is automatically transferred to the lender
• BThe trustee may proceed with publishing notice of sale and conducting a public auction
• CThe borrower must vacate within 24 hours
• DNothing — the foreclosure is canceled

What is the Utah requirement for trust account handling of borrower funds?

• ANo requirements
• BBorrower funds must be held in FDIC-insured trust accounts separate from operating funds
• CMLOs can use personal accounts
• DTrust accounts are only for banks

Under Utah's usury laws, what is the maximum interest rate for mortgage loans?

• A6%
• B10%
• CFederal preemption largely eliminates state usury caps for first-lien mortgages
• DThere is no lending in Utah

What is the borrower's right to cure a default in Utah before foreclosure?

• ANo right to cure
• BThe borrower can cure the default by paying past-due amounts during the 3-month notice pe…
• CCure requires a court order
• DOnly the lender can offer a cure period

What fair lending protections apply to mortgage borrowers in Utah?

• ANo protections
• BThe Fair Housing Act, ECOA, and Utah Anti-Discrimination Act prohibit discrimination in l…
• COnly federal law applies
• DProtections only for government loans