Utah State Licenses and Regulator Costs

Utah is a tricky state. There is a Lending Manager requirement for each location that comes with a stringent point based experience requirement. In addition, there are two regulators and many companies must apply for licensure and/or provide "notification" to both. One of these notifications is handled in NMLS, but the other is not. Utah also requires a lot of pre-licensure education for both Lending Manager and MLOs. Contact us for assistance and we'll navigate the process for you.

DFI - Residential First Mortgage Notification (Company)

  • NMLS Cost: $300

  • If your company qualifies as a "Mortgage Lender" under Utah Code, you must file this notification (contact us for assistance)

DRE- Mortgage Entity License (Company)

  • NMLS Cost: $325

  • Separate licenses are required for each trade name

  • Qualifying Individual: must hold a Utah Lending Manager license

DFI - Consumer Credit Notification (Company)

  • Cost: $100

  • If you engage in second mortgage lending, this notification must be filed outside of NMLS at least thirty (30) days prior to commencing business (contact us for assistance)

Mortgage Branch Office License (Branch)

  • NMLS Cost: $245

  • Branch Manager: must hold a Utah Lending Manager license

Lending Manager (Individual)

  • NMLS Cost: $199.25

  • Additional costs: $15 for credit report; $36.25 for background check

  • Complicated point-based experience requirement (contact us)

  • Education: 40 hours of Utah Lending Manager education required in addition to 20 hours of NMLS pre-licensure education

  • Testing: Must pass Utah Lending Manager test (test results expire after 90 days); this process is handled outside of NMLS; this is in addition to passing the UST for mortgage loan originators

Mortgage Loan Originator (Individual)

  • NMLS Cost: $199.25

  • Additional Costs: $15.00 per credit report, $36.25 per criminal background check

  • Education: additional fifteen (15) hours of Utah-DRE approved pre-license education is required; this is in addition to the 20 hours of NMLS approved pre-licensure education

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Lynx Licensing charges a flat rate of $625 per state license, $120 per branch license, and $85 per individual license.

Located in Raleigh, North Carolina

ryan at lynxlicensing dot com


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