Current Company Licensees/Registrants:
Transition of existing Oregon mortgage banker/mortgage broker licenses on to the NMLS is now closed. If you company failed to complete the required transition by March 31, 2010, please contact the Oregon Division of Finance and Corporate Securities at (503) 378-4140.
Any licensee that needs to amend or surrender a license, or other action previously completed in paper form, from January 4, 2010 onward, must complete these actions within NMLS. Paper forms will not be accepted.
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 Oregon and complete a few state specific fields.
See also License Descriptions and Checklists.
Mortgage Loan Originators
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan originators in Oregon have until May 31, 2010 to complete and submit a Form MU4 through the NMLS in order for a license to be issued by July 31, 2010. 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.
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 Oregon 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.
Any mortgage loan originator originating an Oregon residential mortgage loan without a license on or after August 1, 2010 is subject to civil penalties. An applicant for an Oregon loan originator license must meet the following criteria:
- Complete 20 hours of pre-licensure education
- A Passing Score on both the National and Oregon State components of the SAFE Test
- Satisfactory criminal background check including finger prints
- Not have a conviction for a felony within the past 7 years or have ever been convicted of a felony that involved an act of fraud, dishonesty, a breach of trust, or money laundering
- Authorize the NMLS to obtain a credit report when functionality is available
- License Sponsorship in NMLS by your company
- Demonstrate financial responsibility
- Have, or be covered by, a surety bond as required by DFCS; and
- Have not had a mortgage license revoked in any state.