The Utah Department of Financial Institutions (DFI) regulates and licenses mortgage brokers and requires them to maintain a surety bond under section 70D-3-205 of the Financial Institution Mortgage Financing Regulation Act.
Surety bond amounts are be based on the aggregate dollar amount of residential mortgage loans originated by the licensee in the preceding calendar year:
| Loans Originated | Bond Amount |
|---|---|
| Up to $5,000,000 | $12,500 |
| $5,000,001 to $15,000,000 | $25,000 |
| Over $15,000,000 | $50,000 |
New license applicants are required to post a $12,500 bond, but amounts can increase with volume. Verification of bond amounts by contacting the DFI is always recommended.
License applications are submitted through the Nationwide Mortgage Licensing System (NMLS) and additional requirements for Utah can be found on the NMLS – Utah Licensing Requirements webpage. Total license cost is $230, including NMLS fees. Additionally, the cost for the credit report for control persons is $15 per control person and $36.25 per person for any FBI criminal background checks that are needed. All NMLS processing fees are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.