| Updated: |
6/11/2009 |
| 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.
Similar Keywords: lenders, lending officers, originators |
| Statutes, Rules, Ordinances: |
ORS 59.840 - .980
OAR 441-880
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| Duration: |
See additional information section below |
| Fees - application, exam, etc.: |
At the time of original application and at renewal, brokers are charged a $60 assessment per loan originator registered with the license. |
| Responsible Agency: |
Finance & Corporate Securities Div DFCS - Licenses |
| Continuing Ed Requirements: |
Each licensed Mortgage Banker or Mortgage Broker must certify at renewal that each of its loan originators has successfully completed any required continuing education. Loan originators are required to take 20 hours of continuing education every two years after their continuing education date. Continuing education dates are kept by the licensee and can be found on the division website. Courses must be approved by the Mortgage Lender Education Board (MLEB) and are listed on the MLEB Web site. |
| Prerequisites: |
Each licensed Mortgage Banker or Mortgage Broker must certify at license application that each of its loan originators has successfully completed any required entry-level education and testing. In order to comply with the certification requirements for entry level education and testing, the licensee must require loan originators to take 20 hours of entry level education and the state proctored exam before employment. Courses must be approved by the Mortgage Lender Education Board (MLEB) and are listed on the MLEB Web site. |
| Service Links: |
 Loan Originator Website
 Loan Originator main search page
 Online Mortgage Lender Licensing System
Agency Contact Information
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| Additional Information: |
Loan originator registrations are submitted by a licensed mortgage lender. Loan originators are not licensed individually, and their registration is active only as long as the employing mortgage lender's license is active and continuing education requirements have been met. |
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Agency Information
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Please refer to the Agency Website for further details and additional information.
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| Agency Name: |
Finance & Corporate Securities Div DFCS - Licenses |
| E-mail Address: |
dcbs.dfcsmail@state.or.us
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| Phone: |
503-378-4140
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| Mail Address: |
Division of Finance & Corporate Securities
PO Box 14480
Salem, OR 97309
- 0405
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| Website Information: |
http://dfcs.oregon.gov/ |
