Utah Admin. Code R162-2c-209 - Sponsorship
(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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.