Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2c - Utah Residential Mortgage Practices and Licensing Rules
Section R162-2c-209 - Sponsorship
Universal Citation: UT Admin Code R 162-2c-209
Current through Bulletin 2024-06, March 15, 2024
(1) A mortgage loan originator who is sponsored by an entity may operate and advertise under the name of:
(a) the entity;
(b) a branch office registered under the
license of the entity; or
(c)
another trade name registered under the license of the entity.
(2) A mortgage loan originator who operates or advertises under a name other than that of the entity by which the mortgage loan originator is sponsored:
(a)
shall exercise due diligence to verify that the name being used is properly
registered under the entity license; and
(b) shall not be immune from discipline if
the individual conducts the business of residential mortgage loans on behalf of
more than one entity, in violation of Section
61-2c-209(4)(b)(iii).
(3) An individual who holds a license as a mortgage loan originator may perform loan processing activities regardless of whether:
(a) the individual's
license is sponsored by a licensed entity at the time the loan processing
activities are performed; or
(b)
the individual is employed by a licensed entity.
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