The following information is required to obtain a Mortgage Lender License in the state of Oregon:

• Submit a completed and signed application along with the required application fees and other documents to the department.
  
• If the mortgage broker wishes to obtain licenses for branches, then the licensee must submit the licensing fee specified in OAR 441-860-0020(10) and provide all the required information on the original license application form or upon an amendment to the original application at least 30 days before the branch commences operation.
  
• The license is valid for the first one year initially and renewal period is for 24 months.
  
• Each licensee must certify at license application and renewal that each of its loan originators has successfully completed any required entry-level and/or continuing education and test. In order to comply with the certification requirements for entry level education and testing, the licensee must either:
  • require a loan originator to complete the entry-level education and testing requirements or
  • Make a determination that the loan originator has worked as a full-time loan originator for any employer or combination of employers for at least three years out of the past five years. If the loan originator does not qualify to skip the entry-level education, they must completely meet the requirement within six months from the date the division is first notified that the loan originator has been hired as a loan originator. All loan originators are required to take 20 hours of continuing education every two year period. Courses must be approved by the Mortgage Lender Education Board (MLEB) and are listed on their web site at http://www.oregonmleb.com.
• The applicants are required to maintain a surety bond of $25,000 for the principal location with an additional $5,000 per licensed branch, up to a maximum of $50,000.
  
• The applicants must also submit recent financial statements that are prepared in accordance with the GAAP.
  
• If the applicant company has a physical location in the state of Oregon, a copy of the registration with the Secretary of State Corporation Division is required.
  
• Oregon law requires that a licensee establish a clients' trust account with an Oregon financial institution.

Applications and other forms can be obtained at Mortgage Broker License Application.

For more information, visit Division of Finance and Corporate Securities, Mortgage lenders.