Loan Originators
Last updated 06/20/2024
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Fees
| License Fee |
Description |
Exemptions |
| $51.25 |
|
None
|
| $95.00 |
|
None
|
| $110.00 |
|
None
|
Description
Loan originator" means an individual employed by or acting as an agent or independent contractor for a licensed mortgage banker or mortgage broker, with the expectation by the individual of compensation or gain that is determined by the amount borrowed or the terms and conditions agreed to by the mortgage loan borrower, and having primary job responsibilities that include negotiating with a borrower or potential borrower for the purpose of establishing the terms and conditions of a mortgage loan.
"Loan originator" includes a person employed at a location outside this state whose primary job responsibilities include contacting or attempting to contact a borrower or potential borrower within this state through any medium or mode of communication for purposes of providing a mortgage loan within this state.
"Loan originator" includes an independent contractor processor or underwriter.
Duration
See additional information section below
Renewal Information
Licenses must be renewed each year and applicant must complete 10 hours of continuing education prior to requesting renewal unless the individual completed pre-licensure education that year.
Duplicate License Requirements
None
Prerequisites and Requirements
Prerequisites
Applicants for a loan originator license must complete 20 hours of entry level education approved by the Nationwide Mortgage Licensing System (NMLS). The 20 hours must include 3 hours of education in federal rules and regulations, 3 hours of ethics, 2 hours of non-traditional mortgage products, 4 hours of Oregon specific education and 8 hours of electives. In addition, the applicant must pass the national exam with uniform state content test offered through the NMLS. The applicant must also authorize a criminal background check and credit report.
Required Documentation
None
Examination Information
Applications must obtain a passing score on the national test with uniform state content.
Bonding Requirements
Bond is provided by sponsoring company.
Insurance Requirements
None
Other Information
Loan originator license applicants must have their license sponsored by a licensed or exempt mortgage broker or banker or a consumer finance company in order to receive an active license. Applicants without sponsorship will receive an inactive license upon approval.
Statutes, Administrative Rules, Ordinances
Other Detail Information
None
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