Oregon Administrative Code

441-860-0080 Failure to Continually Satisfy Experience Requirement (1) If a mortgage banker or mortgage broker fails to satisfy the experience requirements under ORS 86A.106 during any licensing period regardless of the reason for that failure, the mortgage banker or mortgage bro…

441-860-0085 Corporate Surety Bond for Mortgage Bankers or Mortgage Brokers Acting as or Employing a Mortgage Loan Originator (1) This rule applies to a mortgage banker or mortgage broker licensed under ORS 86A.095 through 86A.198 and OAR chapter 441, division 860 that either act…

441-860-0090 Corporate Surety Bond or Irrevocable Letter of Credit for Mortgage Bankers Not Employing Mortgage Loan Originators (1) Every applicant for a license as a mortgage banker who will not act as or employ a mortgage loan originator and does not take an application for a r…

441-860-0101 Fees Payable to the Director In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a mortgage banker or a mortgage broker shall pay to the director the following fees at the time of application or renewal: (1) A nonre…

441-860-0110 Examination Charges Mortgage Bankers or Mortgage Brokers Pay to the Director (1) Examination charges shall be paid upon receipt of the invoice of examination fees. (2) In addition to the initial application and renewal fees assessed under ORS 86A.124 and these rules,…

441-860-0130 Private Money Loans An individual is not engaged in the business of making loans secured by an interest in real estate as used in ORS 86A.100(3)(b)(C) and (5)(b)(F) if the individual is making a loan from their own funds and does not make more than 10 loans secured b…

441-865-0010 General Provisions All mortgage bankers and mortgage brokers shall maintain and preserve financial records concerning business operations, transactions with customers, and trust account transactions. The records shall be sufficient for an independent accountant to pr…

441-865-0020 Financial Records At a minimum the financial records shall include: (1) A record, such as a cash receipts journal, of all monies received from borrowers showing at least: (a) Name of payor; (b) Date of receipt; (c) Amount received; (d) Purpose of receipt including id…

441-865-0025 Residential Mortgage Lending Reports No later than 45 days following the end of each calendar quarter, a mortgage banker or a mortgage broker licensed at any time during the preceding calendar year must file a report of condition with the director through the Nationa…

441-865-0030 Advertising All mortgage bankers and mortgage brokers shall maintain copies of: (1) All printed advertising published in newspapers, magazines, newsletters or other media designed for mass distribution; (2) Scripts, or audio and video tapes, for advertising broadcast…

441-865-0040 Borrower and Investor Complaints (1) Copies of all written complaints by borrowers and investors shall be maintained in a separate complaint file by the individual's name in alphabetical order and shall contain at a minimum a copy of the original complaint and respon…

441-865-0050 Personnel Records (1) Each employer shall maintain a personnel ledger which shall contain the name, date of birth, position or title and responsibilities, unique identifiers, starting date, and date and reason for termination of salaried employees. (2) For purposes o…

441-865-0060 Residential Borrower Files (1) In addition to the books and records required under the provisions of OAR 441-865-0010 to 441-865-0090, a mortgage banker or mortgage broker that takes an application for a residential mortgage transaction must prepare and maintain the …

441-865-0080 Investor Files (1) In addition to all other books and records required under the provisions of OAR 441-865-0010 to 441-865-0090, a mortgage banker or a mortgage broker must maintain the following documents and records when borrower loans are funded by investors who a…

441-865-0090 Trust Account and Escrow Depository In addition to the books and records required pursuant to the provision of OAR 441-865-0010 to 441-865-0080, a mortgage banker or a mortgage broker is required to maintain the books and records required under the provisions of OAR …

441-870-0010 Dishonest, Fraudulent, Unfair and Unethical Practices As used in ORS 86A.115(2), the terms “dishonest, fraudulent, or illegal practices or conduct” and “unfair or unethical practices or conduct,” separately or in any combination thereof, shall include but not be limi…

441-870-0020 General Definition “Manipulative, Deceptive, or Fraudulent Device or Contrivance” and “Fraudulent, Deceptive, or Manipulative Act or Practice” are defined to include: (1) Any act, practice, or course of business which operates or would operate as a fraud or deceit up…

441-870-0030 Borrower Transactions A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes, but is not limited to, the following conduct by a person in connection with a mortgage loan: (1) Making any representation or guarantee to a customer that a loan …

441-870-0040 Legend Requirements A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes, but is not limited to, the following conduct a person in connection with a mortgage loan: (1) Negotiating a residential loan agreement that provides for a penalty t…

441-870-0050 Investor Transactions A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes, but is not limited to, the following conduct by a person in connection with a mortgage loan: (1) Failing to provide to investors who are persons other than person…

441-870-0060 Delivery of Additional Documentation “Manipulative, Deceptive, or Fraudulent Device or Contrivance” and “Fraudulent, Deceptive, or Manipulative Act or Practice” are defined to include: (1) Failure to deliver to the purchaser or licensed escrow agent or title company …

441-870-0070 Servicing Transactions A dishonest, fraudulent or illegal practice or conduct under ORS 59.865 includes, but is not limited to, the following conduct by a person in connection with a mortgage loan: (1) Failing to disclose that the lender may sell the loan to another …

441-870-0075 Filing False Reports of Condition A dishonest, fraudulent or illegal practice or conduct under ORS 86A.115 includes reporting false or incorrect information on a report of condition filed under OAR 441-865-0025. A mortgage banker or mortgage broker who corrects an in…

441-870-0080 Advertising (1) Advertising containing any of the following is false, misleading or deceptive: (a) A statement or representation of a specific installment amount in repayment of a loan without as least as prominently disclosing the following information about the loa…

441-870-0081 Use of Certification or Professional Designations by Mortgage Banker, Mortgage Broker, or Mortgage Loan Originator (1) The use of a certification or professional designation by any mortgage banker, mortgage broker, or mortgage loan originator in connection with makin…

441-875-0020 Branch Office Trust Accounts (1) Branch offices shall maintain a separate trust account if: (a) The main office of the mortgage banker or mortgage broker does not maintain a trust account or deposit funds into a neutral escrow depository on behalf of the branch offic…

441-875-0030 Manner of Deposit (1) A mortgage banker or mortgage broker shall deposit all trust funds received from a client into the trust account or neutral escrow depository and shall keep such funds in the trust account or neutral escrow depository until: (a) In the case of a…

441-875-0040 Financial Practices; Manner of Disbursement (1) In addition to those books and records required under ORS 86A.095 through 86A.198 and OAR 441-865-0010 through 441-865-0090, a mortgage banker or mortgage broker shall maintain books and records for each trust account i…

441-880-0005 Application of ORS 86A.200 to 86A.239 to Employees of Agencies of the United States, State Agencies, Local Governments and Housing Authorities As permitted by 12 C.F.R. § 1008.103(e)(6), the licensing provisions of ORS 86A.200 to 86A.239 do not apply to an employee o…

441-880-0006 Application of ORS 86A.200 to 86A.239 to Employees of Bona Fide Nonprofit Organizations (1) As permitted by 12 C.F.R. § 1008.103(e)(7), the licensing provisions of ORS 86A.200 to 86A.239 do not apply to an employee of a bona fide nonprofit organization as that term i…

441-880-0007 Process for Determining if Nonprofit Organization is Bona Fide As required by 12 C.F.R. § 1008.103(e)(7)(ii), the process for determining whether a nonprofit organization is a bona fide nonprofit organization is as follows: (1) A nonprofit organization may request in…

441-880-0008 Criteria for Determining if Nonprofit Organization is Bona Fide As required by 12 C.F.R. § 1008.103(e)(7)(ii), a bona fide nonprofit organization is an organization that meets all of the following criteria: (1) The nonprofit organization has been granted a tax-exempt…

441-880-0009 Commercial Construction Lending Exemption (1) An individual need not obtain a mortgage loan originator license under ORS 86A.200 to 86A.239 to make a residential mortgage loan in which the borrower will use the funds to construct, alter, move, enlarge, replace, repai…

441-880-0200 Application Process; Correcting Deficiencies in Application; Abandonment (1) An applicant for a license as a mortgage loan originator shall submit a completed Form MU4 together with all required application materials and information to the Nationwide Mortgage Licensi…

441-880-0205 Interim Licenses Reserved. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.209 History: FCS 4-2012, f. & cert. ef 8-1-12 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10

441-880-0210 Financial Responsibility Criteria (1) For purposes of this rule, an applicant is not financially responsible if the applicant has shown a disregard of his or her own financial circumstances, taking into consideration the totality of the applicant’s financial circumst…

441-880-0215 Oregon Examination For Mortgage Loan Originators (1) Each applicant for a new mortgage loan originator license must pass the Uniform State Mortgage Loan Originator examination approved by the National Mortgage Licensing System and Registry, that contains a uniform st…

441-880-0300 License Renewal; Reinstatement Process (1) A mortgage loan originator license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage loan originator license, a mortgage loan originator shall submit all information re…

441-880-0310 Mortgage Loan Originator Continuing Education Requirements; Curing Deficiencies; License Sanctions for Failure to Maintain Continuing Education A mortgage loan originator shall take and maintain continuing education courses in order to take an application for a resid…

441-880-0315 Notice of Employment Status by Employer of Mortgage Loan Originator; Prohibition on Origination Activities Before Sponsorship (1) All mortgage brokers or mortgage bankers employing mortgage loan originators shall provide notice to the Nationwide Mortgage Licensing Sy…

441-880-0320 Notice of Significant Events by Mortgage Loan Originator A mortgage loan originator shall be required to notify the director within 30 days of the occurrence of any of the following significant developments: (1) Filing for bankruptcy; (2) Notice that a state began li…

441-880-0400 Fees Payable to the Director (1) In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a person applying for a mortgage loan originator license shall pay to the director a nonrefundable fee of $80 for the issuance of …

441-885-0010 Cancellation of Mortgage Banker Or Mortgage Broker License for Failure to Maintain Corporate Surety Bond or Irrevocable Letter of Credit (1) The director may cancel the license of a mortgage banker or mortgage broker for failing to maintain a corporate surety bond or…

441-890-0005 Application Requirements Each person applying for a mortgage servicer license shall submit to the director all the following required application materials and information: (1) A completed Form MU1 submitted through the NMLS and approved by the director. (2) A comple…

441-890-0010 Biographical Information Required for Mortgage Servicer License Application (1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director of the Department of Consumer and Business Services through the NMLS. (2) This rul…

441-890-0015 Deficiencies in Mortgage Servicer License Application (1) If an applicant or licensee submits an application, filing, or amendment, which is incomplete in any respect, the director shall notify the applicant or licensee of the deficiencies through the NMLS. The appli…

441-890-0020 Branch Office Licensing (1) If a licensee intends to operate a branch office from which it will service Oregon loans or that will be located in Oregon, the licensee shall obtain a license for the branch office prior to servicing loans from the branch office by submit…

441-890-0025 Renewal of Mortgage Servicer License (1) A mortgage servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage servicer license, the mortgage servicer shall submit a renewal request for the license to th…

441-890-0030 Liquidity, Operating Reserves, and Tangible Net Worth Requirements (1) An applicant or licensee operating as an approved servicer by one or more government sponsored enterprise (GSE) must maintain liquidity, operating reserves, and tangible net worth that meet the st…

441-890-0035 Corporate Surety Bond or Irrevocable Letter of Credit for Mortgage Servicers (1) Every applicant for a license as a mortgage servicer must file a corporate surety bond or irrevocable letter of credit with the director as specified in this rule in a form and on terms …