Oregona Mortgage Loan Originator License

Oregona Mortgage Education

EasyRealEstateSchool.com offers these Oregona mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

Oregona Mortgage Loan Originator License

Who is required to have the Oregon Mortgage Loan Originator (MLO) License? (Jurisdiction-Specific)

  • As an individual, you need this license if you will take a mortgage loan application or offer or negotiate the terms of a mortgage loan to Oregon residents, for property located in Oregon State or from a fixed physical location in Oregon.
  • You may need this license even if you are not employed by a mortgage company licensed in Oregon. Individuals performing loan origination or brokering services on behalf of consumer finance companies, insurance companies, and manufactured structures dealers also need an Oregon loan originator license.

Who does not need the Oregon Mortgage Loan Originator (MLO) License?

If you represent a depository institution (financial institution – bank or credit union), the MLO license is voluntary

Pre-requisites at a Glance?

  • Net worth – none
  • Bond amount – Covered by sponsor’s bond. If sponsor doesn’t have bond, MLO must provide bond between $50,000 and $200,000.
  • Criminal background check – yes (fingerprints submitted through NMLS and state background check performed by employer)
  • Credit check – yes (authorization provided through NMLS)
  • Experience – no
  • Testing – yes
  • Education – yes

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Oregona Mortgage Loan Originator License

 


Oregona State Requirments

SAFE ACT Requirements

  • SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 5/31/2010.
  • Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 5/31/2010.
  • Credit Report – All licensees must authorize pulling of a credit report by 5/31/2010.

Oregon Mortgage Education Requirements

  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 1/1/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees as of 12/31/2009 must complete 20 hours of NMLS approved pre-licensure education by 5/31/2010, unless the licensee has completed at least 20 hours of MLEB approved education prior to 12/31/2009. MLEB approved continuing education courses will no longer be accepted after 12/31/2010.
  • SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 10 hours of NMLS approved continuing education in 2011 in order to renew for 2012. This course should be taken Yearly by 12/31.
  • Certification (Education) – Currently listed MLOs who have completed at least 20 hours of OR state approved education on or before 12/31/2009 and apply for a license by 5/31/2009 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
  • Certification (Test) – Currently listed MLOs who have passed the OR mortgage test no later than 6/13/2010 may be eligible to participate in the testing certification process and may not need to take the OR Component of the SAFE MLO Test. Refer to your state agency for more information.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Oregona Mortgage Loan Originator License