Utah Administrative Code
Topic - Commerce
Title R162 - Real Estate
Rule R162-2c - Utah Residential Mortgage Practices and Licensing Rules
Section R162-2c-501a - Optional Experience Equivalency Calculation
Universal Citation: UT Admin Code R 162-2c-501a
Current through Bulletin 2024-06, March 15, 2024
(1) Thirty months of full-time experience in the following activities shall be considered equivalent to one year of experience as a first-lien residential mortgage loan originator:
(a) loan underwriter;
(b) mortgage loan manager;
(c) loan processor;
(d) certified mortgage prelicensing
instructor;
(e) second-lien
residential loan originator; and
(f) a licensed mortgage loan originator
working as a junior loan officer or assistant loan officer.
(2) An applicant who wishes to receive experience credit under this Subsection R162-2c-501a, but who cannot demonstrate experience equivalent to a full year of first-lien residential mortgage loan origination shall:
(a) be
awarded experience credit as deemed appropriate by the division; and
(b) complete the experience requirement
through additional experience as a first-lien residential mortgage loan
originator, as determined by the division.
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