Utah is the Mountain West’s fastest-growing Non-QM state: Silicon Slopes (Lehi, SLC, Provo — Adobe, Qualtrics, Domo, Goldman Sachs, BYU entrepreneurship) produces the most entrepreneurially dense tech bank statement market between Phoenix and Seattle, Park City’s Deer Valley and Park City Mountain generate luxury ski STR DSCR economics in the $250K–$600K+ annual revenue range, Hill AFB’s F-35 maintenance hub anchors Davis County BAH DSCR LTR, and the Wasatch Front’s four major universities (U of U, BYU, UVU, WSU) provide the most geographically distributed university LTR DSCR portfolio in the Mountain West — all under a dual-agency licensing structure where the PLM requirement is the most demanding Qualifying Individual credential in the entire BFF series.
Silicon Slopes is Utah’s nickname for the tech industry corridor running through Lehi, Salt Lake City, Provo, and Ogden — one of the fastest-growing tech ecosystems in the US. Lehi is the epicenter: Adobe (major operations), Domo (HQ), Qualtrics (HQ; acquired by SAP), Instructure/Canvas LMS (HQ), Pluralsight (HQ), and Ancestry.com have significant Lehi presences. SLC hosts Goldman Sachs Bank USA (chartered in UT; thousands of SLC employees), Fidelity Investments, and major eBay operations. BYU (Provo; 35,000+ students) is one of the most startup-dense universities in the US — BYU entrepreneurship programs produce a constant stream of Silicon Slopes founders. Utah ranked #1 nationally for women in the self-employed workforce; between 1996 and 2020, Utah small business employment grew ~60%; Utah has the youngest average state population in the US, producing an unusually entrepreneurial culture. Park City / Summit County: Park City Mountain (largest ski resort in the US by acreage; 7,300+ acres; includes the former Canyons Resort) and Deer Valley Resort (rated #1 US ski resort multiple years by Ski Magazine; snow-only; luxury ski valet and gourmet mountain dining; expanding with Deer Valley East Village) create year-round STR demand. Sundance Film Festival (January; ~40,000 attendees; founded by Robert Redford; the premier independent film festival in the US) adds a major January demand spike. Park City STR annual revenue: $70K–$150K (Canyons Village condos) to $250K–$600K+ (Deer Valley luxury ski-in/ski-out homes). Combined lodging tax approximately 10-12% in Park City. Summit County has ~6,000 STRs representing ~25% of total housing units — one of the highest STR concentrations in the US. Hill Air Force Base (Davis County; Ogden/Clearfield area): second-largest Air Force base in the US by civilian employment. Approximately 5,000 active duty + 22,000 civilian employees (contractors included); home of F-35A Lightning II maintenance (384th Fighter Wing; the USAF’s most critical F-35 depot repair and training center); largest single-site employer in Utah. BRAC-resistant. BAH DSCR LTR market: Clearfield, Layton, Roy, Clinton (Davis County; 10-15 minutes from base). Utah’s dual-agency licensing: the most complex licensing structure in the BFF Mountain West portfolio. Two agencies regulate different mortgage activities. The DRE (Division of Real Estate) regulates retail brokering and origination under §61-2c. The DFI (Department of Financial Institutions) regulates wholesale lenders and servicers under Title 70D. Broker partners hold DRE Mortgage Entity Licenses. The Principal Lending Manager (PLM) required for the DRE license must complete 40 additional hours of Utah-specific PLM education + pass the UT-PLM Exam — the most demanding QI requirement in the BFF series. Separate license required for each trade name.
Utah’s dual-agency licensing, PLM requirement (40 extra hours + UT-PLM Exam), separate license per trade name, Park City STR zone and HOA verification, SLC residential STR prohibition, Moab restriction complexity, and Silicon Slopes 24-month bank statement startup normalization.
BFF holds Utah-DRE Mortgage Entity License #14239706, issued by the Utah Division of Real Estate under Utah Code §61-2c. Utah’s mortgage regulation is split between two agencies. DRE (Division of Real Estate) regulates retail brokering and origination of closed-end residential first mortgages — this is the license broker partners need to submit to BFF. DFI (Department of Financial Institutions) regulates wholesale lenders, servicers, and certain Mortgage Lenders under Title 70D; BFF also holds the DFI Residential First Mortgage Notification (RFMN) as a wholesale lender, but this is a notification not a full license and does NOT authorize retail origination. Broker partners must hold the DRE Mortgage Entity License. The most operationally important requirement: the Principal Lending Manager (PLM). Every Utah DRE-licensed mortgage entity must designate a PLM who: (1) holds a Utah PLM license separately from the standard MLO license; (2) completed 40 additional hours of Utah-specific PLM pre-licensing education (above the standard 20-hour NMLS course; from a Utah DRE-approved school; not reported to NMLS); (3) passed the UT-PLM Exam (a separate state examination administered by the Utah DRE’s testing contractor, distinct from the SAFE National Test + UST); (4) has a minimum of 3 years of full-time experience originating first-lien residential mortgages AND at least 45 first-lien residential mortgages originated. Alternative PLM experience paths exist (see R162-2c-201 for specifics). PLM required at the company’s principal place of business AND at each branch location. Each branch must separately designate and license its own PLM. Separate license per trade name: each DBA requires its own DRE Entity License Other Trade Name application + Certificate of Existence from the UT Division of Corporations. Documentation submitted to DRE within 5 business days of NMLS application. No minimum net worth required. No company surety bond for the DRE Entity License (individual MLO bonds required). MLO individual requirements: 20-hour NMLS pre-licensing + additional 15-hour Utah DRE-approved pre-licensing course (emailed to realestate@utah.gov; expires 1 year; must apply for license before the certificate expires) + SAFE National Test + Uniform State Test (UST) component + 8-hour annual CE. Renewal December 31. DRE: 160 E 300 S, 2nd Floor, SLC, UT 84111; (801) 530-6747; realestate@utah.gov. Verify at NMLS Consumer Access.
Park City is the highest-revenue STR DSCR market in the Mountain West — Deer Valley ski-in/ski-out homes generating $250K–$600K+ annually are the single highest-yield STR DSCR properties in the BFF portfolio outside of Aspen-adjacent Colorado markets. However, three pre-submission verifications are essential for every Park City DSCR STR file: (1) Zone eligibility on the Park City Land Management Code map: Park City defines a nightly rental as lodging for fewer than 30 days and requires a Nightly Rental License. STRs are allowed only in designated zones (resort zones, certain mixed-use zones) — most residential zones prohibit them. Use Park City’s interactive zoning map to confirm the subject property’s zone before submitting. One renter may occupy a unit at a time. (2) HOA/resort community rules — many Park City properties are in HOA-governed resort communities: Deer Valley (Deer Valley Club, Black Bear Lodge, Snow Park, Empire Pass); Canyons Village (Park City Mountain); Park Meadows; Promontory; Jordanelle; Park City Racquet Club; Highland Estates. Each HOA has its own CC&Rs governing STRs that may be more restrictive than, or in addition to, city rules. Some resort communities require the property to be enrolled in an approved resort rental management program (e.g., Deer Valley Resort lodging program) as a condition of STR operation. Obtain and review the specific HOA CC&Rs for the subject property’s section before submitting. (3) Sundance Film Festival future uncertainty: Sundance announced intentions to potentially leave Park City after 2026 for a different host city. January is historically the highest STR demand month in Park City due to Sundance (~40,000 attendees; the ~10-day festival drives nightly rates to premium levels across all Park City accommodations). If Sundance permanently relocates, January AirDNA projections based on historical data including Sundance years will overstate future January income. Note this uncertainty in the file narrative when qualifying Sundance-dependent January income. Summit County (unincorporated areas): separate Summit County STR permit; ~6,000 existing STRs; ~25% of housing. Wasatch County (Jordanelle/Heber Valley area): separate Wasatch County permit; confirm which jurisdiction governs the property (Summit or Wasatch) before submitting.
Salt Lake City STR prohibition: SLC has effectively banned investor residential STRs. The city classifies any rental under 30 days as a hotel/motel/B&B use. STRs are permitted only in zones that allow hotel or motel uses — specifically Mixed-Use, Downtown, and Gateway zones. All residential zones prohibit STRs. SLC invested in third-party monitoring technology to identify unlicensed STR operations. For any SLC residential investor property presented as a potential STR DSCR, redirect immediately to DSCR LTR. The Wasatch Front LTR market is strong: Silicon Slopes tech worker migration, U of U and other university demand, and Hill AFB military population have driven LTR vacancy rates to among the lowest in the Mountain West. Surrounding communities outside SLC city limits: Millcreek (recently incorporated; has its own STR rules; generally more permissive than SLC), Murray, Midvale, West Valley City, South Jordan, Draper, Sandy (each has its own STR rules; verify before submitting). Moab Ordinance 5.67: operating a nightly rental in Moab without a license is a Class A misdemeanor — one of the stiffest STR penalties in the BFF series. A moratorium blocks new construction for STR use in Moab. Most residential and commercial zones in Moab city prohibit STRs; only resort zones or grandfathered properties may legally operate. The investor STR DSCR opportunity near Moab is in unincorporated Grand County (outside Moab city limits): Spanish Valley (south of Moab along US-191), Canyonlands area, and rural Grand County properties with established STR permits. These properties can serve the Arches/Canyonlands tourism market (3M+ combined annual visitors) without being subject to Moab city ordinances. Confirm the subject property address and Grand County jurisdiction before underwriting any Moab-area STR DSCR.
Silicon Slopes bank statement documentation protocol: Utah’s tech startup ecosystem produces bank statement income patterns that are more complex and less predictable than traditional W-2 income. The most common Silicon Slopes bank statement scenarios and their specific documentation needs: (1) Tech founder in ramp-up phase (first 1-2 years of a startup; income from business bank statements may be irregular as the company ramps revenue; 24-month mandatory to show the trajectory; document the company’s key contracts, ARR growth, and investor funding if applicable to support the income narrative); (2) Equity liquidity event followed by sabbatical (founder whose company was acquired; received a large cash or stock distribution in year 1; took a 12-month sabbatical before starting next company; the 24-month window captures the liquidity event income and the restart; use asset utilization alongside bank statement if assets are substantial); (3) Multi-platform consulting income (former Big Tech employee who relocated from California or Seattle and is now consulting for multiple Silicon Slopes companies simultaneously; payments arrive from multiple sources in irregular amounts; 24-month normalizes the multi-client consulting pattern; document each client relationship with engagement letters or invoices); (4) BYU/UVU startup alumni income (founder who graduated 1-3 years ago; business is profitable but growth-phase; mixing founder salary from the business S-Corp or LLC + business bank statement deposits; separate personal and business bank statements and document each); (5) Prior California or Seattle tech equity distribution (relocated tech worker with deferred RSU vesting from a prior employer; receives large quarterly RSU settlements from a previous employer while building a new Utah career; RSU settlements show as large irregular personal deposits; explain with RSU grant agreement and vesting schedule). In all cases: note any seasonal or cyclical pattern in the bank statement narrative, confirm 2 years of self-employment, and document the primary income source with articles of incorporation, business license, or operating agreement.
Utah’s Non-QM geography spans the tech-dense Silicon Slopes Wasatch Front (the most entrepreneurially dense tech bank statement corridor between Phoenix and Seattle), Park City’s world-class luxury ski STR market (the largest combined ski resort in the US by acreage + Sundance Film Festival + Deer Valley luxury), Hill AFB’s F-35 maintenance hub (the USAF’s most critical F-35 base; 2nd largest by civilian employment; BRAC-resistant), four major Wasatch Front universities providing distributed LTR DSCR demand, Moab’s national parks gateway (heavily restricted in the city; more permissive in Grand County unincorporated), and St. George’s rapid Sun Belt growth. All under Utah’s dual-agency licensing requiring a PLM with 40 extra education hours + a UT-PLM Exam.
Utah’s Silicon Slopes tech corridor (running from Ogden in the north through Salt Lake City and Lehi to Provo in the south) is one of the most entrepreneurially dense tech ecosystems in the US outside of the Bay Area, Seattle, and Austin. Lehi (Utah County; the Silicon Slopes epicenter): Adobe acquired Lehi companies and has a major Lehi campus; Domo (business intelligence SaaS; publicly traded; HQ Lehi/American Fork); Qualtrics (experience management; acquired by SAP for $8B; large Lehi campus); Instructure/Canvas LMS (education technology; Lehi HQ; acquired by Thoma Bravo); Pluralsight (developer skills platform; Draper HQ). Salt Lake City: Goldman Sachs Bank USA (chartered in Utah; processes Apple Card banking services; employs thousands at its SLC operations center; compliance officers, risk analysts, and operations managers who go independent are classic bank statement borrowers); Fidelity Investments (SLC operations); eBay/PayPal (significant SLC operations); Workfront/Adobe (SLC). Provo: BYU’s entrepreneurship culture produces startup founders at a per-capita rate among the highest of any US university; Provo-based companies include Ancestry.com (originally Provo; now NYC/owned by private equity), Canopy Tax (accounting SaaS), Cricut (craft cutting machines; publicly traded; Lehi-adjacent), Vivint Smart Home (publicly traded; Lindon). Utah self-employment profile: Utah ranked #1 in the US for women in the self-employed workforce (2022); tech founders who receive equity compensation + consulting income + startup revenue, SaaS company founders with multi-stream deposits, and former Big Tech employees (California, Seattle, Dallas tech workers) who relocated to Utah during COVID for lifestyle + cost of living are the most common Silicon Slopes bank statement borrower profiles. 24-month bank statement normalizes startup ramp-up periods and equity distribution patterns.
Park City (Summit County; pop. ~8,500 permanent residents + enormous second-home population) hosts two of the most prestigious ski resorts in North America: Park City Mountain (PCM; operated by Vail Resorts; the largest ski resort in the United States by acreage at 7,300+ skiable acres; 41+ lifts; 3,226-foot vertical drop; 300-355+ annual snow inches; includes former Canyons Resort merged in 2015) and Deer Valley Resort (snow-only [no snowboarding]; rated #1 US ski resort by Ski Magazine multiple years; luxury service [ski valets carry equipment]; gourmet mountain dining; purchased by Alterra Mountain Company [a European company] in 2021; expanding with Deer Valley East Village at Jordanelle). The Sundance Film Festival (founded by Robert Redford; held every January for approximately 10 days; ~40,000 attendees + thousands more industry professionals; the premier independent film festival in the US and one of the most important film festivals in the world) creates a concentrated January demand spike for all Park City STR properties. Park City STR economics: Canyons Village condos generate $70K–$150K annually; Old Town ski homes $120K–$250K; Deer Valley luxury ski-in/ski-out homes $250K–$600K+. Park City STR regulatory framework: Nightly Rental License required (most Park City residential zones prohibit STRs; allowed in approved resort and mixed-use zones only); Summit County (unincorporated; ~6,000 STRs = ~25% of housing units) has its own separate permit; Wasatch County (Jordanelle/Heber Valley) has its own system. HOA rules at resort communities (Deer Valley, Canyons Village, Park Meadows, Promontory, Jordanelle) must be verified at the property level — some require property to be in a managed rental program; others restrict STRs in specific sections. Combined lodging tax in Park City: state sales tax (4.85%) + local option sales taxes + transient room tax (0.32% state) + Park City resort tax = approximately 10-12% combined. AirDNA well-established for Park City. Important 2025-2026 note: The Sundance Film Festival announced intentions to potentially leave Park City after 2026 for a different host city — this is an actively evolving situation; January 2026 Sundance may be the last at Park City. Monitor developments as this affects January STR income projections for Park City properties.
Hill Air Force Base (Davis County; located between Ogden and Salt Lake City along I-15; officially in Ogden city limits but spanning Clearfield and Layton) is one of the most strategically important Air Force bases in the United States. F-35A Lightning II: Hill hosts the 388th Fighter Wing and 419th Fighter Wing, together operating one of the largest F-35A fleets in the Air Force. Hill is also the primary F-35 depot maintenance and repair center in the Air Force — meaning Hill not only flies F-35s but maintains the global F-35A fleet. This depot maintenance mission makes Hill essentially BRAC-immune: the US cannot close its primary F-35 maintenance center. Personnel: approximately 5,000 active duty + 22,000+ civilian employees and contractors (including the defense industry workforce at Hill; Northrop Grumman, L3 Technologies, and dozens of other defense contractors have significant Hill AFB support contracts). Hill AFB is consistently ranked as the single largest employer in the state of Utah. BAH DSCR LTR market: Clearfield (Clearfield City is literally adjacent to Hill AFB gate; most active LTR market for E1-E7 enlisted personnel), Layton (10-15 minutes from base; Officer housing corridor), Roy (Davis County; very affordable; strong LTR for junior enlisted), Clinton (Davis County; growing community adjacent to the base), and West Point/Syracuse (Davis County; growing military family communities). Davis County acquisition prices for 3-4 bedroom homes: $280K-$420K (above SLC prices but below Park City); BAH rates for the Hill AFB area (Salt Lake City BAH zip code) support LTR DSCR ratios above 1.15 for most acquisition prices in this range. VA purchase loans active throughout Davis County and the SLC metro for all eligible Hill AFB personnel, veterans, and eligible surviving spouses.
Utah has four major universities along the Wasatch Front within approximately 100 miles of each other, creating the most geographically distributed university LTR DSCR market in the BFF Mountain West portfolio. University of Utah (SLC; Orson Spencer Hall; 33,000+ students; flagship state university; Research 1 classification; ranked in US News top 100; Huntsman School of Business produces Silicon Slopes executives; U of U Health is one of Utah’s largest employers): Research Park adjacent to campus generates startup density; medical school and hospital create stable healthcare employee rental demand. The Avenues and East Salt Lake neighborhoods have strong LTR fundamentals for U of U proximity. Brigham Young University (Provo; 35,000+ students; private LDS university; one of the top-5 largest private universities in the US; conservative admissions and honor code; very entrepreneurial culture): Provo is one of the most startup-dense cities in the US per capita; BYU student housing demand in the neighborhoods north of campus (Provo Center, 400-900 North) is year-round (BYU has multiple semesters). Utah Valley University (UVU; Orem; 44,000+ students; one of the fastest-growing universities in the US by enrollment; open-enrollment; diverse student body): adjacent to Provo and the Silicon Slopes Lehi corridor; UVU students and faculty create LTR demand in Orem and adjacent Provo neighborhoods. Weber State University (Ogden; 30,000+ students; Davis County; adjacent to Hill AFB): Ogden is a growing tech and manufacturing hub with WSU and Hill AFB creating dual LTR demand.
Moab (Grand County; pop. ~5,000) is one of the most iconic outdoor recreation destinations in the US: Arches National Park (1.7M+ visitors/year; Delicate Arch; Windows Arch; Landscape Arch; timed entry system required in peak season) and Canyonlands National Park (700,000+ visitors/year; Island in the Sky; Needles; Maze) are both accessible from Moab. However, Moab’s STR regulatory environment is among the most restrictive for new investor properties in the BFF Mountain West portfolio. Moab Ordinance 5.67 makes operating a nightly rental without a license a Class A misdemeanor. A moratorium blocks new construction for STR use. Most residential and commercial zones prohibit STRs. Only resort zones or grandfathered properties may operate year-round. Combined lodging tax exceeds 10%. Moab’s restrictions reflect the city’s attempt to manage housing availability for residents while managing the tourism impact. The investor opportunity is in Grand County unincorporated areas (outside Moab city limits): Spanish Valley (south of Moab), Canyonlands area, and other unincorporated Grand County communities have more accessible STR permitting. These properties serve the same Arches/Canyonlands tourism market without being subject to Moab’s strict city ordinances. Other national park gateway STR markets: Springdale (gateway to Zion NP; Washington County); Kanab (near Bryce Canyon and Grand Canyon North Rim; Kane County); Panguitch (Garfield County; gateway to Bryce Canyon).
St. George (Washington County; ~100,000 population; southernmost major Utah city; near the Nevada border and I-15 corridor) has been one of the fastest-growing US cities for multiple consecutive years, driven by migration from California and Nevada. The climate is dramatically warmer than SLC (St. George is in the Mohave Desert transition zone; average January high ~53°F vs. SLC’s ~36°F), making it a retirement destination and second-home market. Zion National Park (40 minutes north in Springdale; Washington County; 4.7M+ visitors/year; one of the most-visited US national parks; the Narrows, Angels Landing, Emerald Pools) anchors year-round STR demand throughout Washington County. Springdale (the Zion gateway village; Zion is essentially surrounded by the national park on three sides): active STR market with established licensing; requires local STR license + safety inspection + tax registration. St. George STR: requires a short-term rental license; generally more permissive for investor STRs than SLC; Ironman St. George (annual full-distance triathlon; massive event; draws athletes from across the US and internationally). Utah Tech University (formerly Dixie State; St. George; ~12,000 students; rapidly growing): creates LTR demand in St. George for student and faculty housing. Red Cliffs National Conservation Area (Washington County; adjacent to St. George; stunning red rock landscape); Snow Canyon State Park (within city limits; Utah’s most-visited state park): outdoor recreation tourism anchors year-round St. George STR demand beyond Zion.
Every BFF program available to licensed Utah mortgage professionals statewide — from Silicon Slopes Lehi to Park City Deer Valley to Moab’s red rock gateway to Hill AFB’s Davis County.
Lehi (Adobe, Qualtrics/SAP, Domo, Instructure/Canvas); SLC (Goldman Sachs Bank USA, Fidelity Investments, eBay); Provo (BYU 35K+ students; startup hub; most startup-dense Mountain West university per capita). Utah #1 nationally for women self-employed workforce. Youngest average state population in US. 60% small business employment growth 1996-2020. Primary bank statement market in Mountain West.
Bank Stmt · Tech founders · Startup equityPark City Mountain (7,300+ acres; largest US ski resort), Deer Valley Resort (#1 US ski resort; snow-only; luxury), Sundance Film Festival (January; ~40K attendees; relocation to new host city under discussion for post-2026). Nightly Rental License required. Most residential zones restrict STRs. HOA rules vary by resort community. Summit County ~6,000 STRs = ~25% of housing. Combined lodging tax ~10-12%. Canyons Village $70K-$150K/yr; Deer Valley luxury $250K-$600K+/yr.
DSCR STR · Luxury ski · Verify zone + HOAHill Air Force Base (Clearfield/Layton; 2nd largest USAF base by civilian employment; F-35A maintenance hub [384th + 388th Fighter Wings]; ~5K active duty + 22K+ civilian employees; largest UT single-site employer; BRAC-resistant F-35 depot maintenance mission). Clearfield, Layton, Roy, Clinton BAH DSCR LTR. Davis County stable LTR fundamentals. Weber State University (Ogden; 30K+ students) adds LTR demand north of the base.
VA · BAH DSCR LTR · F-35 BRAC-resistantU of U (33K+ students; Research 1; Huntsman Business School; U of U Health largest UT employer); downtown SLC (Goldman Sachs, Fidelity, eBay); The Avenues, East SLC, Millcreek neighborhoods. STR PROHIBITED in all SLC residential zones (Mixed-Use/Downtown/Gateway commercial only) — use DSCR LTR for investor properties. Wasatch Front LTR vacancy rates among lowest in Mountain West. Camp Williams (UT National Guard; Bluffdale; VA-eligible).
Bank Stmt · DSCR LTR · STR commercial zones onlyArches NP (1.7M+ visitors/yr; Delicate Arch; timed entry peak season); Canyonlands NP (700K+ visitors/yr). Moab city STR: Ordinance 5.67 makes unlicensed STR a Class A misdemeanor; moratorium on new construction for STR use; most zones prohibit STRs. Grand County unincorporated (Spanish Valley, canyon areas): more accessible investor STR. Combined lodging tax exceeds 10%. Investors should focus on unincorporated Grand County outside Moab city limits.
DSCR STR · Grand County unincorp. only · City restrictedBYU Provo (35K+ students; one of top-5 largest private US universities; LDS honor code; year-round semesters; entrepreneurship culture producing Silicon Slopes founders). UVU Orem (44K+ students; one of fastest-growing US universities; open enrollment). Provo Center, 400-900 North near BYU campus: active student LTR market. Orem (adjacent to UVU and Silicon Slopes Lehi): growing tech and student housing LTR demand. Very affordable acquisition prices relative to SLC.
DSCR LTR · University housing · Value acquisitionOne of fastest-growing US cities for consecutive years. Zion NP gateway (Springdale; 4.7M+ visitors/yr). Snow Canyon State Park (adjacent). Utah Tech University (12K+ students). Ironman St. George (annual triathlon). Warm climate (avg Jan high ~53°F). Strong CA/NV retiree and second-home buyer migration. Springdale STR: accessible (Washington County; Zion gateway). St. George STR: requires license; more permissive than SLC or Moab. Sun Belt migration bank statement demand growing.
DSCR STR · Sun Belt growth · Zion gatewayHeber City (Wasatch County; Deer Valley East Village proximity; Jordanelle Reservoir). Jordanelle area: near Deer Valley expansion; properties may fall under Summit County or Wasatch County permit (confirm jurisdiction before submitting). Wasatch County STR permit system separate from Park City. Heber Valley Railroad (historic steam train tourism). Strawberry Reservoir (fishing). Growing second-home market for SLC professionals seeking rural lifestyle + ski proximity + more accessible acquisition prices than Park City proper.
DSCR STR · Deer Valley proximity · Verify countyDRE License #14239706 activated, Park City STR zone and HOA pre-verification, SLC/Moab residential STR redirect to LTR, Silicon Slopes 24-month startup bank statement protocol, Hill AFB F-35 BAH DSCR LTR, PLM licensing guidance, and every program for the Beehive State — BFF delivers for Utah brokers.
BFF holds Utah-DRE Mortgage Entity License #14239706 from the Utah Division of Real Estate under §61-2c. DFI RFMN also maintained as a wholesale lender under Title 70D. For broker partners navigating the PLM requirement (40 extra hours + UT-PLM Exam), BFF’s account executives can provide guidance on the licensing pathway and appropriate DRE-approved PLM education providers.
For every Park City DSCR STR file, BFF verifies zone eligibility on the Park City Land Management Code map, reviews HOA CC&Rs for the specific resort community section, and flags the Sundance Film Festival relocation uncertainty in the file narrative if January Sundance income is material to qualification. Nightly Rental License status confirmed before appraisal order.
BFF flags SLC residential investor properties presented as STR DSCR and redirects to DSCR LTR. For Moab-area files, BFF confirms the subject property is in unincorporated Grand County (not Moab city limits) before accepting as STR DSCR. Moab city files are redirected to LTR or asset utilization.
BFF requires 24 months for all Silicon Slopes startup and multi-stream consulting bank statement files. We document the income pattern (startup ramp-up, equity distribution, multi-client consulting) in the file narrative and request supporting documentation (engagement letters, RSU vesting schedules, articles of incorporation) to explain irregular deposit patterns before underwriting.
BFF verifies current DFAS BAH rates for the Hill AFB / Salt Lake City BAH area before submitting Davis County LTR DSCR files. Subject property confirmed in Clearfield, Layton, Roy, or Clinton within commute distance of the base gates. DSCR calculated at BAH-supported rent for the estimated tenant rank. VA available for all eligible Hill AFB personnel statewide.
U of U (33K+ students; SLC), BYU (35K+ students; Provo), UVU (44K+ students; Orem), and WSU (30K+ students; Ogden) create year-round LTR demand across four counties. BFF identifies the relevant university proximity for each Wasatch Front LTR DSCR file and uses AirDNA or comparable LTR market data appropriate to each specific submarket.
Utah broker partners hold the DRE Mortgage Entity License from the Utah Division of Real Estate (§61-2c). The PLM requirement (40 extra hours + UT-PLM Exam) is the most demanding Qualifying Individual credential in the BFF series. Separate license required per trade name.
Your brokerage must hold an active Utah DRE Mortgage Entity License from the Utah Division of Real Estate under §61-2c. The most important requirement: Principal Lending Manager (PLM). The PLM must hold a separate Utah PLM license (distinct from the standard MLO license) by completing: (1) 40 additional hours of Utah-specific PLM pre-licensing education from a Utah DRE-approved Mortgage Pre-Licensing School (above the standard 20-hour NMLS requirement; not reported to NMLS); (2) passing the UT-PLM Exam (separate state examination; administered by the DRE’s testing contractor); (3) having 3 years of full-time experience originating first-lien residential mortgages AND minimum 45 loans originated; (4) being actively licensed as a standard Utah MLO. Alternative PLM experience paths exist under R162-2c-201 (2-year alternative path; 10-year supervisory path). A PLM must be designated at the company’s principal place of business AND at each branch. Each branch must separately designate and license its own PLM. Company: no minimum net worth; no company surety bond for the DRE Entity License. All documentation submitted to DRE within 5 business days of NMLS application. DRE: 160 E 300 S, 2nd Floor, Salt Lake City, UT 84111; (801) 530-6747; realestate@utah.gov.
Utah’s DRE Mortgage Entity License requires a separate license for each trade name (DBA) under which the entity conducts business. Each DBA requires its own MU1 filing in NMLS as a “DRE Entity License Other Trade Name #(x)” entry. For each trade name, the entity must upload a Certificate of Existence from the Utah Division of Corporations confirming the trade name is registered as an assumed business name with the State of Utah. This is one of the most distinctive DBA licensing requirements in the BFF series. For broker partners who operate under multiple brand names or DBAs, each name must be separately licensed with the DRE before being used in Utah mortgage transactions. BFF (FlexPoint, Inc. DBA Brokers First Funding) maintains its own separate DBA trade name licenses with the UT DRE. Broker partners who are operating as an assumed business name must have their own Certificate of Existence from the UT Division of Corporations before submitting the trade name application through NMLS.
All originating loan officers must hold active Utah-DRE Mortgage Loan Originator licenses. Requirements: (1) 20-hour NMLS-approved pre-licensing education (standard national SAFE curriculum: 3 hours federal law, 3 hours ethics, 2 hours non-traditional mortgages, 12 hours electives); (2) 15-hour Utah DRE-approved pre-licensing course from a Utah DRE-approved Mortgage Pre-Licensing School (this is a separate 15-hour course, not NMLS-reported; the completion certificate must be emailed directly to realestate@utah.gov; the certificate expires one year after completion, so the MLO must apply for their license before the 15-hour certificate expires); (3) SAFE National Test + Uniform State Test (UST) component; (4) FBI criminal background check; (5) credit report authorization; (6) 8-hour annual CE (standard NMLS). The 15-hour UT DRE pre-licensing course requirement and its direct email submission process (not through NMLS) + 1-year expiry is the most distinctive MLO-level licensing step in the BFF Mountain West portfolio. Do not allow the 15-hour certificate to expire before submitting the NMLS MLO application.
Utah broker partners must understand the DRE vs. DFI distinction before applying: the DFI Residential First Mortgage Notification (RFMN) is a notification for wholesale lenders and servicers under Title 70D — it does NOT authorize a company to broker or originate retail closed-end residential first mortgages. If a broker partner holds only a DFI RFMN, they cannot legally submit retail originations to BFF. Broker partners must hold the DRE Mortgage Entity License to originate retail mortgages in Utah. Broker partners who are unsure which license they hold should verify on NMLS Consumer Access before submitting applications. BFF will not accept Utah submissions from entities holding only the DFI RFMN without a DRE Entity License. The DFI MLO license (also available from DFI, primarily for MLOs at servicing companies) similarly does not authorize retail first mortgage origination — only the DRE MLO license covers retail origination. If the MLO has an active DRE license, they do not need the DFI MLO license.
Submit BFF’s Broker Application Package from the Resource Center. UT-specific file notes: Park City STR DSCR — confirm zone eligibility on Park City Land Management Code map; obtain and review HOA CC&Rs for the resort community section; flag Sundance Film Festival future uncertainty if January income is material; verify Nightly Rental License status. SLC investor properties — residential investor STRs not permitted (SLC Mixed-Use/Downtown/Gateway commercial zones only); redirect to DSCR LTR. Moab-area STRs — confirm subject property is in unincorporated Grand County, not Moab city limits. Silicon Slopes bank statement — 24 months mandatory for all startup and multi-stream consulting income; document income pattern narrative. Hill AFB BAH DSCR — verify current DFAS BAH rates for SLC BAH area; confirm Davis County proximity to base. Summit County / Wasatch County STRs — confirm which county governs the property; separate permit systems. E&O coverage required. Business purpose permitted.
A dedicated BFF Account Executive will reach out within 1–2 business days. You’ll receive portal access, rate sheets, and introductions to UT-specific programs: Park City Deer Valley luxury ski STR DSCR ($250K–$600K+ annual revenue; zone + HOA + Sundance verification), PCM Canyons Village STR DSCR ($70K–$150K/yr), Summit County and Wasatch County STR DSCR, Silicon Slopes tech founder bank statement (Lehi/SLC/Provo; 24-month startup normalization), BYU/UVU startup alumni bank statement, Goldman Sachs SLC and Fidelity financial services bank statement, Moab/Grand County unincorporated STR DSCR (Arches/Canyonlands gateway), St. George/Springdale/Zion gateway STR DSCR, Hill AFB F-35 BAH DSCR LTR (Davis County; Clearfield/Layton/Roy/Clinton), VA for all eligible UT veterans and Hill AFB military, Wasatch Front university LTR DSCR (U of U, BYU, UVU, WSU), asset utilization for Park City luxury second-home buyers and SLC physician retirees, 1099 for Deer Valley ski instructors and outdoor adventure guides, Foreign National for Park City luxury international buyers, Conventional and Jumbo to $5M for Silicon Slopes executives and Park City luxury.
Ready to close in Utah?
Yes. BFF (FlexPoint, Inc.) holds Utah-DRE Mortgage Entity License #14239706, issued by the Utah Division of Real Estate under Utah Code §61-2c. NMLS #243082. Utah has a dual-agency licensing structure: the DRE regulates retail brokering and origination of closed-end residential first mortgages (relevant for broker partners); the DFI regulates wholesale lenders and servicers under Title 70D (BFF also maintains the DFI Residential First Mortgage Notification as a wholesale lender). The DRE Mortgage Entity License requires a Principal Lending Manager (PLM) who must complete 40 additional hours of UT-specific education + pass the UT-PLM Exam + have 3 years experience + 45 loans originated. Separate license per trade name required. Verify at NMLS Consumer Access.
The Utah Principal Lending Manager (PLM) is a separate license from the standard Utah MLO license and is the most demanding Qualifying Individual requirement in the entire BFF series. In addition to holding a standard Utah MLO license, the PLM must: complete 40 additional hours of Utah-specific PLM pre-licensing education (not reported to NMLS; from a Utah DRE-approved Mortgage Pre-Licensing School); pass the UT-PLM Exam (a separate Utah state examination exclusively for PLMs; administered by the DRE’s testing contractor); have 3 years of full-time experience originating first-lien residential mortgages AND evidence of at least 45 first-lien residential mortgages originated. Alternative experience paths exist (R162-2c-201). A PLM is required at the company’s principal place of business AND at each branch location. No other BFF series state has a QI requirement this demanding in terms of state-specific education hours and separate state examination.
Yes. Park City is the highest-revenue STR DSCR market in the Mountain West. Park City Mountain (7,300+ skiable acres; largest US ski resort) and Deer Valley Resort (rated #1 US ski resort; snow-only; luxury ski valet service; expanding with Deer Valley East Village) generate Deer Valley luxury ski-in/ski-out home revenues of $250K–$600K+ annually and Canyons Village condo revenues of $70K–$150K. Three verifications before submission: (1) confirm the subject property is in a Park City zone that allows Nightly Rental Licenses (most residential zones prohibit STRs); (2) obtain and review HOA CC&Rs for the resort community section; (3) note the Sundance Film Festival’s possible relocation after 2026 if January Sundance demand is material to qualification. Combined Park City lodging tax ~10-12%. Summit County (~25% of housing are STRs) and Wasatch County have separate permit systems. BFF DSCR: up to $3.5M at 85% LTV, minimum 640 FICO.
No. Salt Lake City has effectively banned investor residential STRs. SLC treats any rental under 30 days as a hotel/motel/B&B use; STRs are permitted only in Mixed-Use, Downtown, and Gateway commercial zones — all residential zones prohibit STRs. SLC invested in monitoring technology to identify unlicensed operators. SLC residential investor properties should be submitted as DSCR LTR (long-term rental), not STR. The Wasatch Front LTR market is strong: tech worker migration, four major universities, and Hill AFB create LTR vacancy rates among the lowest in the Mountain West. Surrounding communities outside SLC city limits (Millcreek, Murray, Midvale, West Valley City, South Jordan, Draper) have more permissive STR environments but verify each jurisdiction before submitting.
Yes. Utah’s Silicon Slopes (Lehi/SLC/Provo/Ogden) is one of the fastest-growing tech ecosystems in the US. Utah ranked #1 nationally for women in the self-employed workforce and has the youngest average state population — producing an unusually entrepreneurial, self-employed workforce. Tech founders (Adobe, Qualtrics, Domo, Instructure alumni who started new companies), BYU/UVU startup alumni, Goldman Sachs and Fidelity SLC professionals who go independent, California and Seattle tech relocators, and SaaS company founders are Utah’s most active bank statement profiles. 24-month is mandatory for all startup and multi-stream consulting income to normalize ramp-up periods, equity distributions, and multi-client payment patterns. BFF Bank Statement: up to $4M at 90% LTV, minimum 620 FICO.
Apply through BFF’s Become a Broker Partner page. Utah broker partners hold the DRE Mortgage Entity License (§61-2c). Requirements: designate a PLM (40 extra education hours + UT-PLM Exam + 3yr/45 loans); apply for each trade name separately with Certificate of Existence from UT Division of Corporations; MLO licenses for all originators (20-hr NMLS + 15-hr UT DRE course [email to realestate@utah.gov; 1-yr expiry] + SAFE National Test + UST + 8-hr annual CE); documentation to DRE within 5 business days of NMLS submission; no minimum net worth; no company surety bond for the DRE Entity License; E&O coverage required. Approval typically 1–2 business days.
Partner with BFF for fast, reliable wholesale lending in Utah. Submit a scenario or become an approved broker today.
