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Mortgage Net Branch Utah
If you want to take advantage of a mortgage net branch opportunity in Utah, you won't mind meeting all the requirements. We all have rules and regulations we must follow in all aspects of our lives, so why should the mortgage field be any different? Consider each requirement that you meet as an accomplished goal, not an obstacle that you had to overcome.
To start, mortgage branches must be licensed and may need two licenses in Utah.
The State of Utah requires that mortgage brokers have individual licenses, but a mortgage company must also have a license. So, if you are considering a mortgage net branch operation in the State of Utah, you may be required to obtain both licenses.
Since a UT net branch is technically part of a larger mortgage company, this may not apply depending upon state statutes. You can check with the Utah Division of Real Estate, which licenses and regulates mortgage brokers, lenders and banks.
Obtaining your individual mortgage broker's license in Utah is fairly simple. You will need to have a physical location (in other words a "brick and mortar" office) to operate a mortgage net branch in Utah, but you will not need one if just originating loans in the state. You do have to receive 20 hours of education through a pre-licensing mortgage school. The education you receive must be approved by the Utah Division of Real Estate before you can get your license. You also must have three years experience.
The State license fee for a mortgage broker is $100. This is one of the lowest fees that are charged. Some fees in other states are $500 or higher. In addition, you are not required to report your net worth. Branch licensing may be different in order to license and your mortgage net branch business in Utah.