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Oregon Mortgage License |
Oregon mortgage license empowers the home loan brokers, lenders and bankers in Oregon to conduct the loan lending and selling business. It is a legal necessity for the brokers and lenders to have the real estate license before offering their mortgage services. Due to development in the real estate industry in recent years, many individuals have entered the home loan lending and selling business. So, it is a wise option if you are thinking to become a home loan lender or a broker in the state. However, it is important for you to understand all the Oregon mortgage licensing requirements in order to make the right approach.
Oregon Mortgage Broker License
The Oregon Department of Consumer and Business Services regulates the licensing process of the mortgage brokers in the state. The department has some requirements for the applicants seeking for Oregon Mortgage broker license. It is not essential for applicant of broker license to hold a physical office inside the state. But, the applicants should be licensed in their own state before making the application. The applicants are required to have a minimum experience of three years in the home loan lending business within the last five years. Moreover, they are required by the licensing authority to submit their financial statements in compliance with GAAP. In addition, the applicants are required to maintain a surety bond of $25,000.
Oregon Mortgage Banker license requirements
Mortgage bankers in Oregon are also required to be licensed under the state law. The applicants for banker license are not required to own physical office within the state. They are also not required to have any net worth by the licensing authority. However, it is mandatory for them to maintain a surety bond in the amount of $25,000 per branch office.
Mortgage Licensing Fees
Applicants for mortgage broker and banker license are required to pay a state initial fee of $825. Moreover, the licensing department make is mandatory for them to pay another $825 as state renewal fee. On the other hand, loan officers have to pass a state exam and complete 6 hours of continuing education to get their license in Oregon.
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Instead of directly applying with the licensing department, applicants can also seek some assistance from mortgage licensing companies that offers all the licensing services in the state of Oregon. There are also some reputed real estate schools offering several types of mortgage licensing courses for the license seekers. These licensing companies and schools are available on the Internet and they are very easy to find.
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