| Updated: |
2/26/2009 |
| 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.
Similar Keywords: bankers, brokers, finance, financing, homes, houses, lenders, lending, lending officers, loans, mortgages, officers, origination, originators, property |
| Statutes, Rules, Ordinances: |
ORS 059
OAR 441-860
|
| Duration: |
See additional information below |
| Fees - application, exam, etc.: |
- Initial license: $825 for the principal office and $165 per branch office
- Renewal license: $825 for the principal office, $165 to renew an existing branch
- A fee of $247.50 is required for each branch added after the initial mortgage lender license is issued.
In addition to the above fees, the licensee must pay an assessment equal to $60 per loan originator employed. This assessment is payable at initial application and at each renewal. For new licenses, the firm must estimate the number of loan originators they expect to employ during the inital year and base the loan originator assessment on that number. |
| Responsible Agency: |
Finance & Corporate Securities Div DFCS - Licenses |
| Continuing Ed Requirements: |
Each licensee must certify at license application and renewal that each of its loan originators has successfully completed any required entry-level and/or continuing education and test. In order to comply with the certification requirements for entry level education and testing, the licensee must require a loan originator to complete the entry-level and testing requirements.
Courses must be approved by the Mortgage Lender Education Board (MLEB) and are listed on their web site at Approved Courses, Entry-Level and Continuing Ed. |
| Bonding Requirements: |
$25,000 for the principal location with an additional $5,000 per licensed branch, maximum of $50,000 |
| Insurance Requirements: |
None |
| Prerequisites: |
- A completed mortgage lender license application form listing the company's experience person. The experience person must be a full time W-2 employee or an owner who within the past 5 years has three years experience in mortgage lending.
- Financial statements prepared in accordance with GAAP.
- A surety bond in the appropriate amount based upon the number of locations that the company wishes to license.
- Notice of a clients' trust account physically located in Oregon.
- Registration with the Secretary of State Corporation Division of the primary company name and all assumed business names.
- The mortgage lender must conduct a criminal records check of each individual who the banker or broker employs or intends to employ as a loan originator. A loan originator applicant may not be hired if the criminal records check discloses a disqualifying conviction.
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| Application Form: |
Mortgage Lender Application |
| Service Links: |
 Add, edit, or remove a loan originator
Division Web site, Mortgage Lenders Section
 Search License Holders
 Online Mortgage Lender Licensing System
 Application
Mortgage Lenders Renewal on the Web
Change of Name or Address Request
Agency Contact Information
|
| Additional Information: |
Overnight mail address: 350 Winter St NE, Room 410
Salem, OR 97301-3881
License duration information
Initial license is for one year. Renewal licenses are valid for up to two years - but all licenses will expire no later than December 31, 2010. |
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Agency Information
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Please refer to the Agency Website for further details and additional information.
|
| Agency Name: |
Finance & Corporate Securities Div DFCS - Licenses |
| E-mail Address: |
dcbs.dfcsmail@state.or.us
|
| Phone: |
503-378-4140
|
| Mail Address: |
Division of Finance & Corporate Securities
PO Box 14480
Salem, OR 97309
- 0405
|
| Website Information: |
http://dfcs.oregon.gov/ |
