Oregon Mortgage Broker License Guide

In Oregon, anyone engaged in residential mortgage loan activities must obtain a license at the state level. The Oregon Division of Financial Regulation (DFR) regulates and issues all mortgage licenses.

The license application process for mortgage entities and individuals is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage companies and loan originators to apply or renew a license online.

If you'd like assistance with the licensing process, our mortgage broker licensing partner can make the process seamless for you; learn more here.

The state of Oregon has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform. The OR mortgage licenses are generally divided into Mortgage Lenders, Mortgage Servicers, and Mortgage Loan Originators.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

• Mortgage Lender License - allows companies and sole proprietorships to make residential mortgage loans, assist people in obtaining OR residential mortgage loans, and/or sells real estate paper.
• Mortgage Servicer License - allows companies to service residential mortgage loans for properties located within the state of Oregon.

Most Common Individual Licenses

• Mortgage Loan Originator License - allows individuals to take mortgage loan applications and/or negotiate the terms of the mortgage loans for Oregon residential properties.

All license applications must be submitted via NMLS. Note that Mortgage Loan Originators employed by companies, that do not have an OR Mortgage Lending License or OR Exempt Company Registration, must email their employer’s company information directly to [email protected].

For general questions, you may contact DFR at (503) 378-4140 or [email protected]. For specific licensing questions, please contact the appropriate licensing examiner. For company names (or individual’s last name) that begin with a letter between A and L, you may contact Lee Proctor at (503) 947-7894 or [email protected]. If your name begins with a letter between M and Z, you may contact Kenneth Power at (503) 947-7857 or [email protected].

For NMLS-related questions please contact their call center at (855) 665-7123.

Passing an exam is obligatory for some, but not all licenses. To obtain an Oregon Mortgage Loan Originator license, you must complete an education course and pass a test.

Exams for Individual Licenses

• Mortgage Loan Originator License - To get a loan originator license in Oregon, you must first complete an NMLS-approved pre-licensure course. The education course must be at least 20 hours, including 4 hours of Oregon content. For additional information, as well as a list of approved providers, you may visit the NMLS Education page.
   

  After the education is completed, you may enroll for the test and pay the fee on NMLS. To schedule an exam date, you may visit NMLS or by contacting the exam administrator Prometric directly at (877) 671-6657.

  Additional information on how to schedule and take the Mortgage Loan Originator test is provided on the NMLS testing page.

Bonds for Company Licenses

• Mortgage Lender License - License applicants must submit a surety bond between $50,000 ^{[a] [b]} - $200,000, depending on the loan origination volume of the applicant.
• Mortgage Servicer License - Applicants are required to submit either a $50,000 surety bond or a letter of credit.

Bonds for Individual Licenses

• Mortgage Loan Originator License - All loan originator applicants must be covered by a surety bond. The applicant’s employer must submit a sponsorship request and provide a bond between $50,000 - $200,000, depending on the volume of loans originated in the state.

Fees for Company Licenses

Fees paid through NMLS are not refundable.

• Mortgage Lender License
  • $960 license costs.
  • $100 NMLS processing fee.
• Mortgage Servicer License
  • $960 license costs.
  • $100 NMLS processing fee.
  • $15 credit report fee.
  • $36.25 background check.

Fees for Individual Licenses

Fees paid through NMLS are not refundable.

• Mortgage Loan Originator License
  • $80 license fee.
  • $30 NMLS processing fee.
  • $15 credit report.
  • $36.25 background check.
  • $100 exam fee.