1 Hour UT-DRE SAFE: Utah Mortgage Continuing Education

The Utah Division of Real Estate (DRE) require those who hold a Utah mortgage license to complete a one-hour course on Utah mortgage laws and regulations as a requirement for annual license renewal. This online course covers the required topics as defined by the DRE for 2024 license renewal through the NMLS.

This one-hour course will cover the topics outlined by the DRE. We'll start with updates to the Utah Residential Mortgage Practices and Licensing Act that were added during 2023. Next, we'll cover several topics recommended by the Division such as reverse mortgages and conflicts of interest. Finally, we'll review cases of licensee violations that resulted in orders or fines by the DRE.

Topics and Learning Objectives

This course consists of three modules and a final exam:

1. Utah Residential Mortgage Practices and Licensing Rule Changes (15 minutes)

2. Utah Reverse Mortgage Act (15 minutes)

3. Mortgage Commission Suggested Topics (15 minutes)

4. Mortgage Licensing and Disciplinary Actions (15 minutes)

5. Final exam

Total study time: 1 clock hour

After completing this course, students will be able to

• review the responsibilities of a lending manager including supervision, enforcing policies, recordkeeping, and disclosing adverse security breaches.

• outline an entity's requirement to protect customer information and the proper process to dispose of sensitive customer material.

• describe available reverse mortgage products.

• identify the age requirements for reverse mortgage consumers.

• describe the home counseling requirements.

• identify changes to the cooling-off period after reverse mortgage loan closing.

• note the date that covered institutions under the Gramm-Leach-Bliley Act had to develop their revised safeguard rules.

• identify working roles that could put the licensee in a conflict of interest situation.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID but don't remember what it is:

• Login into NMLS

• Click on the Composite View tab.

• Click View Individual on the sub-header row.

• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center:

https://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Create-an-Individual-Account-Quick-Guide.pdf