Which statement best describes oversight of mortgage professionals in Utah?

• A. Most are overseen by the DRE; some remain under the authority of the DFI
• B. Most are overseen by the DFI; some remain under the authority of the DRE
• C. All are overseen by the DRE
• D. All are overseen by federal agencies

Answer: (A)

In Utah, mortgage professionals are regulated by two agencies, with the Division of Real Estate (DRE) handling the majority and the Department of Financial Institutions (DFI) overseeing a portion that operates more like a financial institution. The DRE regulates real estate professionals and those involved in real estate transactions, which includes many mortgage activities tied to real estate deals. A smaller group, such as lenders and mortgage businesses that function primarily as financial institutions and operate outside the traditional real estate brokerage model, falls under the DFI.

That’s why the best description is that most mortgage professionals are overseen by the DRE, while some remain under the authority of the DFI. The other options aren’t accurate because not all are under federal agencies, and not all are under a single state agency—the oversight is split between the DRE and DFI, with the DRE being the primary regulator for most.