How many members of the Utah Residential Mortgage Regulatory Commission must hold mortgage licenses?

The correct choice reflects the requirement that a significant portion of the members of the Utah Residential Mortgage Regulatory Commission should have practical experience and expertise in the mortgage industry. Specifically, four out of the five members must hold active mortgage licenses. This ensures that the commission is composed of individuals who are well-versed in the realities of the mortgage market and the regulatory challenges that can arise, allowing them to make informed decisions on matters concerning mortgage regulations, consumer protection, and the overall integrity of the mortgage lending process in Utah. The combination of licensed members with real-world experience helps to uphold industry standards, provide guidance, and address issues related to mortgage lending within the state.

Thus, understanding this requirement is crucial for those involved in the regulatory and compliance aspects of mortgage lending in Utah.