UTAH HOME BUYERS TO RECEIVE GREATER PROTECTION UNDER THE UTAH’S NEW MORTGAGE LAW

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Author: E Lopez

Article source: http://www.articlealley.com/. Used with author's permission.

The State of Utah is set to enforce its new law May 1, 2006, regarding the regulation of mortgage companies that do business within the state of Utah.

The new mortgage law aims to reduce mortgage fraud within the State of Utah. As recently, Utah was ranked first amongst all states reporting incidences of Mortgage fraud by the FBI.

Under the new law, all mortgage companies that operate in Utah will be required to have a key representative known as a "Principal Lending Manager". The Principal Lending Manager will be responsible for the mortgage activities of his company's mortgage officers within the State of Utah.

Under the new law, the Principal Lending Manager must meet minimum experience and continuing education requirements before any mortgage officers with their company will be allowed to make any mortgage loans in Utah.

The new mortgage law, which took effect January 1, of this year provided for a grace period for all mortgage companies to comply with the new law. That grace period ends May 1, 2006.

Utah consumers can verify whether their mortgage agent is properly licensed by contacting the Utah Department of Real Estate by searching the Utah Department of Real Estate's online database of licensed mortgage companies at http://realestate.utah.gov/database.html

Written by Epi Lopez Jr. Epi Lopez Jr. is a mortgage licensing consultant with Greenlight Compliance & Licensing, Inc. http://www.greenlightcl.com specializing in assisting mortgage professional obtain licensure in Utah and throughout the United States.