This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Oregon under the Division of Financial Regulations (DFR) under the Oregon Department of Consumer and Business Services (DCBS). This 4-hour course covers Oregon specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become an Oregon mortgage loan originator.

Topics and Learning Objectives

This course consists of six modules and a final exam:

1. Mortgage Lending General Provisions (20 minutes)
2. Oregon Mortgage Lending Law and the Oregon SAFE Act (50 minutes)
3. Licensing of Mortgage Bankers and Mortgage Brokers (40 minutes)
4. Licensing of Mortgage Loan Originators (25 minutes)
5. Dishonest, Fraudulent, Unfair, and Unethical Practices (25 minute)
6. Custody and Possession of Client Funds (20 minutes)
7. Final exam (20 minutes)

Total study time: 4 clock hours

Module 1: Mortgage Lending General Provisions

In this module students will start out with an introduction to Oregon loan and lending terminology, recordkeeping time frames, and correcting data submitted to the Nationwide Mortgage Licensing System and Registry (NMLSR).

Module 2: Oregon Mortgage Lending Law and the Oregon SAFE Act

All mortgage professionals operating throughout the State of Oregon must be familiar with the processes, procedures, allowances, prohibitions, and requirements as set forth through ORS 86A. All licensing candidates should familiarize themselves with ORS 86A to ensure that they act compliantly throughout all their daily professional activities.

Module 3: Licensing of Mortgage Bankers and Mortgage Brokers

Licensed mortgage brokers and bankers are responsible for supervising the activities of the mortgage loan originators associated with their broker or banker license. In this chapter we'll introduce the licensing requirements for mortgage brokers and bankers, how mortgage brokers and bankers hire MLO licensees, branch office registration, proper use of assumed business names, and a licensee's reporting requirements to the NMLSR.

Module 4: Licensing of Mortgage Loan Originators

Individuals who desire to offer or negotiate residential mortgage loans with the expectation of compensation are required to be licensed as mortgage loan originators. In this chapter we'll explain the process of becoming licensed as an MLO, the annual license maintenance requirements, and status changes that need to be submitted to the NMLSR.

Module 5: Dishonest, Fraudulent, Unfair, and Unethical Practices

All licensees within this state are prohibited from participating in activities that are fraudulent, misleading, or deceptive towards consumers. This chapter will list the prohibited activities that may result in disciplinary actions against an Oregon licensee.

Module 6: Custody and Possession of Client Funds

Funds supplied by a client during their residential mortgage loan transaction are to be handled by specific rules relating to trust funds. This chapter covers the regulations regarding caring for funds that belong to others.

NMLS ID Required

You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.

If you already have an NMLS ID, but don't remember what it is:

• Login into NMLS,
• Click on the Composite View tab, then
• Click View Individual on the sub-header row.
• The number that appears in parentheses after your name is your NMLS ID number.

If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center