Oklahoma Transition Plan

Current Company Licensees/Registrants:

Companies holding a Mortgage Broker License in Oklahoma have until December 31, 2009 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.

Additionally, for each branch holding a Mortgage Broker Branch License, a company must complete and submit through NMLS a Form MU3 by December 31, 2009.

Trade Names (DBAs)

Licensees should have a copy of their Oklahoma license available when completing the transition of a license. If a trade name or d/b/a designation appears on the license, the licensee must select a license type that specifies a DBA is associated with the license, e.g. Oklahoma Mortgage Broker License/DBA #1. The licensee should only select Oklahoma Mortgage Broker License as the license type if the license does not contain a trade name or d/b/a designation. A company may have up to six trade names or d/b/a designation. Each trade name or d/b/a designation must have a separate license. A company may apply for additional licenses for each trade name or d/ba designation by selecting successive numbers of the Oklahoma Mortgage Broker/Branch License/DBA #(1,2,3,4,5 or 6), as the license type.

For example, if the name that appears on a broker license reads:
ABC Mortgage Company - Select Oklahoma Mortgage Broker/Branch License
ABC Mortgage Company d/b/a EFG Mortgage - Select Oklahoma Mortgage Broker/Branch/DBA#1
ABC Mortgage Company d/b/a QRS Mortgage - Select Oklahoma Mortgage Broker/Branch/DBA#2
If you have any questions about which license type to select, please contact the Oklahoma Department of Consumer Credit before filing through the NMLS system.

It is important that current licensees have all of their Oklahoma license numbers available when completing and submitting their Form MU1 and Form MU3(s).

Any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan originator license, or other action previously completed in paper form, from July 16, 2009 onward must complete these actions within NMLS. Paper forms will not be accepted after July 15, 2009.

We encourage you to update your information with our office by July 15, 2009, so at the time of transition there will be no pending changes to submit. You will be required to attest to the accuracy of the information at time of submission.

Completing and submitting these forms is the renewal process for mortgage brokers and loan originators for calendar year 2010. Licensees will have successfully completed their renewal submission through the NMLS once they have mailed a copy of their continuing education certificate to DOCC. All renewal submissions will be pending until reviewed by DOCC. Licensees will be notified by DOCC if any deficiencies are found regarding the renewal submission.

Note: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Oklahoma and complete a few state specific fields.

Current Mortgage Loan Originator's:

Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.

Loan originators in Oklahoma have until December 31, 2009 to complete and submit a Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company sponsoring the loan originators license.

It is important that current licensees have their Oklahoma license number available when completing and submitting their Form MU4.

Note: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Oklahoma and complete a few state specific fields.

Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.

All Mortgage Loan originators must meet the requirements listed below by July 31, 2010.

Requirements will include:

Pre-licensure certification-20 hrs.
A Passing Score on a National Mortgage Test
A Passing Score on a State Mortgage Test
Satisfactory criminal background check including finger prints
Oklahoma Department of Consumer Credit satisfactory review of a credit report
License Sponsorship in NMLS by your company