Utah State presented a new bill relating to mortgage originators. The new bill is named HB 286 and inserts the federal definition of mortgage originators to a new segment in Utah law, and requires originators to be licensed and bonded to apply the S.A.F.E. Mortgage Licensing Act. The Utah legislation includes minimal provisions to put the federal law in to practice. Legislation requires the banking commissioner to institute minimum surety bond requirements that mirror the dollar amount of the loans originated by the originator. Should the employer of the originator acquire a surety bond on behalf of the originator, the surety bond must cover the actions of the originator.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.