In the state of Oklahoma, all mortgage lenders must be licensed at the state level. The licenses are regulated and supervised by Oklahoma Department of Consumer Credit.
The mortgage license application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage companies or loan originators to apply, update or renew a license online.
Types of Mortgage Licenses in Oklahoma
There are three major state license types in Oklahoma: Company, Branch, and Individual. Each license type depends on the work you are going to perform.
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 entities to take residential mortgage loan applications, as well as make and/or service residential mortgage loans. Licensees should be authorized by the U.S. Department of Housing and Urban Development and/or be approved as a seller/servicer by either Fannie Mae or Freddie Mac.
Oklahoma State Requirements
All license applications are to be submitted online through NMLS. Please note that some agency-specific documents, such as the original surety bond, need to be received by the Department within five days of your application submission via NMLS. Please mail the applicable documentation to Oklahoma Department of Consumer Credit Licensing, 3613 N.W. 56th Street, Suite 240, Oklahoma City, OK 73112-4512.
For assistance and further information regarding the license requirements, please contact OK Department of Consumer Credit at (405) 521-3653 or [email protected].
For NMLS-related questions, please contact their call center at (855) 665-7123.
Education and Exams
Passing an exam is obligatory for some, but not all license types. In the state of Oklahoma, you don’t need to complete a pre-license education or pass a test in order to obtain a Mortgage Lender License.
OK Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Lender License - All license applicants must upload and mail an original surety bond in the amount of $100,000.
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Fees for Company Licenses
The fees must be submitted through NMLS and are not refundable or transferable.
- Mortgage Lender License
- $1,660 OK application fee.
- $100 NMLS processing fee.
- $15 credit report.
- $36.26 background check.