Mortgage loan originator licensing
Loan originators must be individually licensed and the mortgage company must sponsor the license. Companies that want to offer mortgage loans in Oregon must obtain a license through the division.
How to apply
All mortgage new loan originators must apply for a license through the Nationwide Mortgage Licensing System (NMLS). The NMLS website has instructions on how to submit an application for Oregon, or any other state. NMLS has a resources and support section that may be helpful, particularly for first-time users.
Before you can originate, your Oregon license must be approved and the division must have accepted sponsorship of your license by your employer. Please note that you are not eligible for a mortgage loan originator license if:
- You have been convicted of a felony within the past seven years or have ever been convicted of a felony involving an act of fraud, dishonesty, breach of trust or money laundering.
- You have had a mortgage license revoked in any state.
- You have not demonstrated financial responsibility. The division will review bankruptcy filings, unpaid judgments, unpaid liens, foreclosure filings and any three or more accounts at least 90 days past due.
An applicant must:
- Complete 20 hours of pre-licensure education, including fours hours of Oregon-specific education
- Pass the national test with uniform state content
- Have a surety bond or be covered by the company's surety bond using the scale provided for in Oregon law
- Submit an application through NMLS (MU4 form). As part of that process, the applicant must:
- Authorize and submit fingerprints, if not already on file in NMLS, for a FBI background check
- Authorize NMLS to obtain a credit report
- Pay the non-refundable application fee of $80 and $30 NMLS user fee (total of $110) as well as any background check fees or credit report fees charged by NMLS
Required disclosure questions
As part of the application for a mortgage license in NMLS, you must answer disclosure questions. If you answer yes to any disclosure question, you must provide an explanation. This chart details information that you must provide in response to an affirmative answer.