Oregon Mortgage Broker Surety Bonds

Oregon mortgage brokers have been regulated by the state since January 1, 1994. In 2002 the restrictiveness of the regulation increased with the Mortgage Lenders Law which gave power to The Division of Finance and Corporate Securities, inside the Department of Consumer and Business Services, licensing power of mortgage brokers.

To qualify for licensure as a mortgage broker, applicants must have at least 3 years experience in the mortgage business, as well as a $25,000 bond. Loan Originators are also required to register with the Division of Finance and Corporate Securities. Loan originators must pass a course and examination, as well as completing 20 hours of continuing education during the licensure period.

Oregon Mortgage Bond Markets

Coming Soon

Bad Credit Mortgage Broker Bonds

Applicants with a low credit score, or public records (Bankruptcy, Liens, Collection, or Civil Judgments) will find a difficult time getting bonded. Bryant Surety Bonds, Inc. offers a Bad Credit Surety Bond Program that is specially tailored to your needs and can get you approved. This program is available for high risk mortgage brokers.

Oregon Licensure Requirements*

Applicant Requirements:

Age: No Requirement
State Residency: No Requirement
Experience: During the 5 years prior to application, or managing member for the applicant, must have 3 years experience in the mortgage business, 3 years experience Negotiating loans in a related business, or 3 years equivalent lending experience in a related field.
Education: No Requirement
Continuing Education: No Requirement
Examination: No Requirement
Fitness For Licensure: No Requirement
Net Worth: No Requirement
Surety Bond: $25,000 and $5,000 for each additional branch office
Background Check: Applicant must submit a set of fingerprints as well as consent to a background check.
Managing Principal: No Requirement

State Licensing Fees:

Initial Application: $825 Licensing Fee
Branch Application: $165 Branch Licensing Fee ($247.50 if added after initial application).
Renewal Application:$825 License renewal (the original license is for 1 year, after which the renewal is for every 2 years), $165 Branch Renewal Fee.

Employee Requirements (applicant being a loan originator):

Age: No Requirement
State Residency: No Requirement
Experience: No Requirement
Education: Applicant must have 3 years experience prior to 1/1/02, or complete a 20 hour course. If applicant has been employed as a loan originator in Oregon for 2 or more years, the applicant must complete continuing education.
Continuing Education: Registrant must complete 20 hours of continuing education.
Examination: If the applicant has not been a Loan Originator for more the three years prior to 1/1/02, the applicant must pass an exam.
Fitness For Licensure: No Requirement
Net Worth: No Requirement
Surety Bond: No Requirement
Background Check: Applicant must consent to a criminal background check, as well as submitting fingerprints.
Managing Principal: No Requirement
Exemptions: Loan Originators are required to register with the state. The loan originator cannot originate loans for more then on broker, banker, or lender at any one time.
Licensing Fee: $60 Licensing Fee
Renewal Fee: $60 Renewal Fee

Branch Offices

In State Requirements: No Requirement
Licensure Requirements: Must submit licensing fee as well as the address, phone, and fax numbers, and the name of the branch supervisor.
Branch Manager: No Requirement