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SALT LAKE CITY (AP) -- The Utah Division of Real Estate says nearly 7,200 Utah mortgage licensees could lose their licenses if they don't transition to the new federal Nationwide Mortgage Licensing System by May 31.
Division Director Deanna Sabey said in a statement Wednesday that only 28 percent of licensed Utah mortgage professionals have completed the transition so far.
Sabey says if they don't transition, the licensees would have to retake national and state exams, among other requirements.
Sabey also is concerned that not transitioning could impact Utah's real estate market economy and consumers' ability to buy homes and property from licensed professionals.
The May 31 deadline affects mortgage loan originators, associate lending managers, principal lending managers and mortgage entities.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
