Who primarily regulates a loan originator originating a closed end, first mortgage loan on a Utah property?

The regulation of loan originators who originate closed-end, first mortgage loans on properties in Utah is primarily overseen by the Division of Real Estate (DRE). The DRE is responsible for enforcing state laws related to real estate transactions, including the licensing and regulation of real estate professionals, which encompasses loan originators. This means they ensure that individuals working as loan originators meet the necessary qualifications, adhere to ethical standards, and comply with state regulations.

While the Department of Finance (DFI) and the FHA also have roles in the broader financial landscape, their focus is not solely on regulating loan originators at the state level in Utah. The DFI typically oversees financial institutions and their practices, while the FHA deals with insuring loans and setting certain lending standards on a national level. Additionally, the Nationwide Multistate Licensing System (NMLS) provides a platform for licensing but does not serve as a regulatory body itself. In summary, the DRE is specifically equipped to regulate loan originators in this context due to its state-focused mandate.