Which agency regulates a closed-end mortgage recorded in second position on a Utah property?

The appropriate agency that regulates a closed-end mortgage recorded in second position on a property in Utah is the Department of Financial Institutions. This agency oversees the financial services industry, including state-chartered banks, credit unions, and mortgage lenders. Its primary role is to ensure that all mortgage transactions adhere to state and federal regulations, maintain consumer protection laws, and promote financial stability within the state.

A closed-end mortgage, regardless of its position, falls under the jurisdiction of financial institutions; thus, the Department of Financial Institutions is tasked with overseeing the lending practices, ensuring compliance, and protecting consumers in these transactions.

In contrast, the Department of Real Estate primarily manages real estate licensing and practices rather than mortgage lending regulations. The Federal Housing Administration focuses on insuring loans made by approved lenders to qualified buyers, rather than directly regulating mortgage lenders or specific loan positions. The Consumer Financial Protection Bureau, while it oversees many aspects of consumer finance, including mortgages, typically operates on a more federal level and does not specifically regulate state-level transactions in the same detailed manner as the Department of Financial Institutions does in Utah.