Do the mortgage loan originators at my bank or credit union have to get a license?
Employees of a financial institution are required to be registered on the NMLS Federal Registry.
Our company is an affiliate or subsidiary of a bank. Does it have to be licensed as a mortgage banker or broker?
While the bank itself is exempt from licensing as a mortgage banker or broker, the affiliates and subsidiaries or the banks do have to be licensed as an Oregon mortgage lender in order to engage in Oregon residential mortgage transactions. The mortgage loan originators of the affiliate or subsidiary do not have to be licensed as mortgage loan originators in Oregon if they are registered through the bank.
My credit union has a CUSO. Does it have to be licensed?
CUSOs need to obtain a mortgage banker/broker license before engaging in Oregon loans and their mortgage loan originators must obtain Oregon mortgage loan origination licenses.