No. 28499 (Amendment): R162-202-10. Principal Lending Manager Experience Requirement

DAR File No.: 28499
Filed: 02/08/2006, 12:48
Received by: NL

 

RULE ANALYSIS

Purpose of the rule or reason for the change:

The mortgage licensing statute authorizes the Utah Residential Mortgage Regulatory Commission to determine what experience will be accepted as the equivalent of the three years of active full-time experience as a mortgage officer that is required to obtain a principal lending manager license.

 

Summary of the rule or change:

The new section added to this rule, R162-202-10, provides that experience in originating loans or directly supervising individuals who originate loans will be considered "equivalent experience" for the purposes of Section 61-2c-206(1)(e).

 

State statutory or constitutional authorization for this rule:

Section 61-2c-206(1)(e)

 

Anticipated cost or savings to:

the state budget:

None--The experience that is required to obtain a principal lending manager license has no impact on the state budget.

 

local governments:

None--Local governments do not engage in the residential mortgage loan business that is regulated by the Division of Real Estate. Therefore, the experience requirements for principal lending manager licenses have no impact on local governments.

 

other persons:

The only persons who are affected by this rule are persons who would like to apply for the new principal lending manager license. The rule will not cost them money and may save them money since it provides a potential quicker route to licensure than having to wait until they have been licensed with the Division as a mortgage officer for three years before they may qualify for a principal lending manager license.

 

Compliance costs for affected persons:

The only persons who are affected by this rule are applicants for principal lending manager licenses. Since this rule liberalizes the experience requirement for that license, there are no compliance costs.

 

Comments by the department head on the fiscal impact the rule may have on businesses:

This rule filing clarifies the experience requirement for a lending manager license to include experience in originating loans or directly supervising individuals who originate loans. A costs savings to the industry may result from this filing, but that savings is difficult to estimate as it will depend on the number of applications received and the applicants who meet this criteria. Francine A. Giani, Executive Director

 

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
HEBER M WELLS BLDG
160 E 300 S
SALT LAKE CITY UT 84111-2316

 

Direct questions regarding this rule to:

Shelley Wismer at the above address, by phone at 801-530-6761, by FAX at 801-530-6749, or by Internet E-mail at [e-mail]

 

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

03/31/2006

 

This rule may become effective on:

04/01/2006

 

Authorized by:

Derek Miller, Director

 

 

RULE TEXT

R162. Commerce, Real Estate.

R162-202. Initial Application.

R162-202-10. Principal Lending Manager Experience Requirement.

202.10 Equivalent Experience. Experience in originating loans or directly supervising individuals who originate loans shall be considered to be "equivalent experience" for the purposes of Section 61-2c-206(1)(e).

 

KEY: residential mortgage loan origination

Date of Enactment or Last Substantive Amendment: [August 3, 2005]2006

Authorizing, and Implemented or Interpreted Law: 61-2c-103(3)