Any MLO in Utah licensed in mid-2019 was not required to take the 5-hour "New MLO" Class until his or her license was due for renewal in 2020. As a result of a recent rule change, any MLO first licensed during 2020 now must complete the class during the first licensing year (by December 31, 2020). In other words, this New MLO Course is suitable for MLOs first licensed in both 2019 and 2020.

The purpose of this "New MLO" class is to provide mortgage loan originators (MLOs) in Utah with a comprehensive knowledge of key areas which the Division of Real Estate wishes existing MLOs be congruently aware of. Five hours of content is broken up into two modules, each assessed by in-text questions, an activity, and a five-question incremental quiz. These five hours will target specific topics mandated by the Utah Division of Real Estate (DRE).

First in the line-up will be Regulating MLOs in Utah. This section takes the student/licensee through the necessarily information one slide at a time. Non-disclosure requirements and the differentiation of Utah as a non-community ownership state will be discussed. Then, rules about property tax collection in Utah and relevant information is divided out into multiple smaller sections. What may be most interesting to students/licensees is the next few headers on mortgage products available through various government organizations and how they help consumers. Next comes the importance of understanding proper advertising and marketing standards. And last is a brief overview of the regulatory powers, duties, and authority of the DRE over MLOs. 

The second module focuses on recent rule and law changes critical to MLOs in the state. There are numerous amendments covered, fulfilling much of the core purpose of the class. The remainder of this module covers llicensing laws and regulations, exemptions to licensure, and how to maintain one's good standing as a licensee. However, there are a few unique topics, such as qualifications for applying to be a primary lending manager, how to submit changes to the Nationwide Multistate Licensing System (NMLS), proper record handling, real world examples of mortgage loan entities (or the mimicry of) who committed crimes against consumers and what the decisions were against them, as well as information about sanctions for licensees who commit similar offenses or violations.

A 25 question final exam is administered upon completion of both modules. After the entire course is successfully completed, the student will receive a certificate verifying they have met the requirement, which must be reported to the DRE and NMLS. 

  • Course ID(s): 12052
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

Mary Tillery, loan originator and Sales Manager at Guild Mortgage, in Grants Pass Oregon, has been actively involved in home lending since 1986. She has originated everything from first time homebuyers, to complex construction financing and reverse mortgages, besides all forms of more traditional lending. Mary combines her depth of knowledge with a sincere desire to know, love and serve her clients. She has been teaching home buying classes for 20+ years and loves to share her knowledge with not just her clients, but with people in the industry who are interested in growing.