The State of Utah-Div of Finance in Salt Lake City, UT is responsible for enforcing and regulating the financial institutions and nondepository lenders in the state. They have implemented Rule R343-8, which outlines the record requirements and reports of condition for mortgage loan originators, ensuring compliance with Section 70D-3-401 of the statutory provisions.
This rule mandates that licensed mortgage loan originators maintain appropriate business records related to underwriting, collateral valuation, and credit extension for mortgage loans. The State of Utah-Div of Finance believes that these requirements are necessary and therefore, the rule should be continued.
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