How to get Oregon Mortgage Loan Originator Prelicensing Education PE and OR Continuing Education CE Requirements Met
1. Get your NMLS Number
If you have not done so already, it takes 1 -2 minutes to get your NMLS number. https://www.statemortgageregistry.com/Public/Login.aspx Click "Request an account" Click "Individual" We try to make all of these things easier, what questions may we answer? Use the chat feature on the bottom right corner of every web page to get answers now!
2. Get and complete your OR 20 Hour Prelicense Education PE Course Bundle
3. Pass the NMLS Nation Component Exam with Uniform State Test using our included test preparation program and add other states by getting and completing state PE courses
4. Apply for your Oregon MLO License
Questions about qualifications or any part of the process? Use the chat feature on the bottom right or click here and get answers fast!
Oregon MLO Prelicensing Education Requirements
New state-licensed mortgage loan originators must complete 20 hours of NMLS approved education. This education must include 3 hours of Federal law, 3 hours of ethics and 2 hours of non-traditional mortgage lending, plus 8 hours of undefined education (referred to as electives) + 4hrs of OR law. Number of hours is 3/3/2/8 + 4 hrs of OR law = 20 Oregon has a requirement for 4 hours of instruction on state-specific lawwhich may be satisfied by either taking an OR comprehensive course or a state-specific elective course. Click here for training education to become an Oregon Mortgage Broker or OR MLO
Note: Per OAR 441-880-0310(1)(b), pre-licensure education is valid for three years from the date the education was completed or the last day you held a mortgage loan originator license or registration in any jurisdiction, whichever is later. Note: Must be completed during the 3 years immediately preceding the date of application.
Continuing Education Requirements
Every state-licensed MLO (in any approved status) is required to complete at least 8 hours of NMLS approved education annually beginning the year they are licensed (unless PE was completed in the same year). Annual CE education must include 3 hours of Federal law, 2 hours of ethics (which shall include fraud, consumer protection, and fair lending issues), and 2 hours of non-traditional mortgage lending, plus 1 hour elective + 2 hours of OR - specific education. Number of hours is 3/2/2/3 = 10 MLOs are advised that to comply with the SAFE Act’s “successive years” rule, they may not take the same CE course two years in a row. MLO’s are advised not to retake pre-licensure education (PE) unless directed to by a State Regulator. PE education does not count towards meeting annual CE requirements.
| Am I required to take Continuing Education this year? | |||
| If I completed SAFE Act PE in any year prior to this calendar year | and I was licensed in 2009-the current year | am I required to complete CE this year | YES |
| If I completed SAFE Act PE in this calendar year | and I was approved for an initial license this year | am I required to complete CE this year | No |
Deadline
The deadline to complete CE is December 31. However, MLOs in Oregon are prohibited from submitting an application to renew their license if they have not completed CE. Since it may take as long as seven (7) days for a course provider to report a course completion into NMLS, MLOs are strongly encouraged not to wait until the last minute to try to complete CE or they may be prevented from submitting for renewal on time.
Oregon Mortgage Regulator Contact Information
Oregon Department of Consumer and Business Services, Division of Financial Regulation
350 Winter St. NE, Room 410,
Salem, Oregon 97301-3881
Mailing address: P.O. Box 14480,
Salem, OR 97309-0405
503-378-4140
Fax: 503-947-7862
Oregon Division of Financial Regulation Website: http://dfr.oregon.gov
Contact Oregon Division of Financial Regulation licensing staff by phone at (503) 947-7300 or send your questions via email to DFR.NDP.Licensing@dcbs.oregon.gov for additional assistance. Please include your NMLS number with all correspondence.
How much does a OR MLO license cost? $161.25 total itemzed as follows
NMLS Initial Processing Fee: $30
OR License/Registration Fee: $80
Credit Report: $15
FBI Criminal Background Check: $36.25
Oregon MLO NMLS Checklist
Oregon MLO NMLS Licensing Requirements Checklist https://nationwidelicensingsystem.org/slr/PublishedStateDocuments/OR-MLO-New-App-Checklist.pdf
Who has to be licensed in OR as an MLO or Processor?
As an individual, you need this license if you will take a mortgage loan application or offer or negotiate the terms of a mortgage loan to Oregon residents, for property located in Oregon State or from a fixed physical location in Oregon. You may need this license even if you are not employed by a mortgage company licensed in Oregon. Individuals performing loan origination or brokering services on behalf of consumer finance companies, insurance companies, and manufactured structures dealers also need an Oregon loan originator license.
If you are the spouse of a member of the Armed Forces of the United States who is duty-stationed in Oregon and you hold a current mortgage loan originator license in another state, Oregon may issue you a temporary license for Oregon. Please contact the Division at (503) 947-7300 for more details.
For more information about the license requirements, please see ORS 86A.200(4) for the definition of loan originator and ORS 86A.203 for the requirement to have a license. Oregon DFR does not issue paper licenses for this license type.
Oregon notes How Close Must MLO live to Licensed Branch or Main Office Location? 60 miles
The business address listed in the Employment History section of the Individual Form (MU4) must match the address of the registeredlocation in the Company Relationship. This location must be within 60 miles of the applicant’s residence.