Oregon Mortgage Bond Markets

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:

  • 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

Exemptions:

  • Entities: Lawyers, real estate agents, and regulated financial institutions.
  • Safe Harbor: None

*Information for state licensing is provided as a guide, always verify with the state that the information is correct.

How to apply:

1.) Visit the commercial application page.
2.) Complete our online application.