A person who had a mortgage loan originator license revoked in another state must wait at least how long before being able to obtain a Utah license?

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Prepare for the Principal Lending Manager (PLM) Test. Access multiple choice questions and flashcards with detailed explanations and hints to enhance your learning experience and boost your confidence for test day.

Multiple Choice

A person who had a mortgage loan originator license revoked in another state must wait at least how long before being able to obtain a Utah license?

Explanation:
Utah prohibits licensure for anyone whose mortgage loan originator license has been revoked in another state. That history shows the individual failed to meet required standards, and the state board uses that as a disqualifying factor to protect consumers. Because of that, there is no waiting period that would allow issuance of a Utah license after a previous revocation—the license cannot be obtained. The other options imply a delay could make licensure possible, but in this situation the disqualification is not overcome by time.

Utah prohibits licensure for anyone whose mortgage loan originator license has been revoked in another state. That history shows the individual failed to meet required standards, and the state board uses that as a disqualifying factor to protect consumers. Because of that, there is no waiting period that would allow issuance of a Utah license after a previous revocation—the license cannot be obtained. The other options imply a delay could make licensure possible, but in this situation the disqualification is not overcome by time.

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