Mortgage Lender License Last updated 03/05/2019

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Fees

License Fee Description Exemptions
$480.00 Renewal license (additional $100 NMLS usage fee required) - principal office only None
$960.00 Initial license application (additional $100 NMLS license fee required) - principal office only None

Description

Mortgage bankers lend money to fund loans secured by interests in real estate and they either sell or service the loans. Mortgage brokers sell real estate paper for themselves or for others or accept funds from others to invest in real estate paper. Mortgage brokers also make or negotiate mortgage loans. The mortgage lender license permits a company to act as a mortgage banker, mortgage broker or both.

Duration

One year

Renewal Information

License must be renewed annually by December 31.

Duplicate License Requirements

None

Processing Time

Processing Time Description
1 Month

Prerequisites and Requirements

Prerequisites

1) A completed mortgage lender license application submitted through the Nationwide Mortgage Licensing System (NMLS) listing company's experience person, which must be either a full-time W-2 employee or owner with three years experience in mortgage lending within the last five years

2) Financial statements prepared in accordance with GAAP

3) Surety bond

4) Notice of a clients' trust account within financial institution physically located in Oregon

5) Registration with the Secretary of State Corporation Division of the primary company name and all assumed business names

6) Criminal records checks free of disqualifying convictions for each individual employed/to be employed as a loan originator

Required Documentation

None

Examination Information

None

Continuing Education Requirements

None

Bonding Requirements

For bonding requirements, visit our FAQ page at https://dfr.oregon.gov/business/licensing/financial/mortgage/Pages/index.aspx

Insurance Requirements

None

Additional Information

Other Information

For branch application information, visit https://apps.oregon.gov/SOS/LicenseDirectory/LicenseDetail/452

For the most current information, please visit http://dfr.oregon.gov/business/mortgage-industry/Pages/index.aspx

Overnight mail address:
350 Winter St NE, Room 410
Salem, OR 97301-3881

Statutes, Administrative Rules, Ordinances

Other Detail Information

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