Which of the following is NOT a responsibility of the Utah Residential Mortgage Regulatory Commission?

The Utah Residential Mortgage Regulatory Commission is primarily tasked with regulating the mortgage industry to ensure fair and lawful practices among mortgage professionals. One of their main responsibilities is issuing licenses to qualified mortgage professionals, which helps maintain a standard of practice within the industry.

Another significant responsibility includes enforcing compliance with mortgage laws. This involves monitoring the activities of licensees to ensure adherence to state laws and regulations governing mortgage lending, thus protecting consumers and fostering a stable lending environment.

The commission also plays a crucial role in overseeing disciplinary actions against licensees who may breach the established regulations. This responsibility builds accountability within the industry, ensuring that licensed professionals operate ethically and in the best interests of consumers.

Setting mortgage rates, however, does not fall under the purview of the commission. Mortgage rates are determined by market forces, including supply and demand in the financial market, rather than being established by any regulatory body. This distinction is essential for understanding the role and limitations of regulatory commissions in the mortgage industry.