Companies that charge a fee for help with loan modifications or short sales
in Oregon must be registered as a debt management service provider, licensed
as a mortgage lender or loan originator, or be a licensed Oregon attorney.
Debt management service providers must display their Oregon registration number
on all advertisements, presentations, communications, and promotional materials.
license of a debt management service provider.
Learn about the allowable
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actions taken against the company
Attorneys: Oregon-licensed attorneys can offer debt management services if
it is part of the related legal services they are providing to a client, and
only while acting as an attorney for the client. An example would be an Oregon-licensed
attorney representing a client in a divorce or bankruptcy proceeding. To check
the license of an Oregon attorney, visit the Oregon
Real estate brokers: Brokers can offer short-sale services without a registration
only if they do not charge any fees over the usual and customary real estate
commission. Visit the Oregon Real Estate Agency
to check a brokers license.
Mortgage loan originators: Oregon-licensed mortgage loan originators are exempt
from registration as debt management service providers and can negotiate a
loan modification on behalf of the homeowner, but only if they provide those
services under the company they represent. Loan originators cannot work for
more than one company, and the company must be licensed to do business in Oregon.
The company and the loan originator’s license number must be displayed in all
advertising, including radio, TV, printed media, and any printed materials
they use to promote their business. Visit the National
Mortgage Licensing System to verify a loan originator’s license.