Oregon State Licensing

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Author:
manmakermusic
ID:
227442
Filename:
Oregon State Licensing
Updated:
2013-07-17 17:54:47
Tags:
oregon licensing exam
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Description:
oregon test
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  1. OR Licensing Law
    Mortgage Lender Law
  2. Regulatory agencies
    • Department of Consumer and Business Services
    • Division of Finance and Corporate Securities
  3. DCBS regulates...
    • Workers' compensation
    • Occupational safety and health
    • Financial services
    • Insurance
    • Building codes
    • Small business
  4. DFCS responsible for...
    • Depository financial institutions
    • Non-depository institutions
    • Securities
  5. Loans subject to Mortgage Lender Law
    • Residential mortgage transaction
    • Mortgage banking loan
    • Mortgage loan
  6. Mortgage broker definition
    Anyone who makes and negotiates loans and handles investmens in "real estate paper"
  7. MLO definition
    Individual who earns compensation by taking residential loan application or by negotiating terms of a residential mortgage loan
  8. Person required to be licensed
    • Mortgage brokers
    • Mortgage bankers
    • Mortgage loan originators
  9. Mortgage banker exemptions
    • Fin. institutions
    • Fin. holding companies, bank holding companies, or savings and loan holding companies
    • Persons who use own funds to make loans
    • Oregon-licensed attorneys
    • Sellers
    • Agencies of U.S. or of a state
    • Persons holding mechanics liens
  10. More banker exemptions
    • Out-of-state providers of loan funds
    • nonprofits
    • Mortgage brokers
    • Retirement or pension fund managers
    • Insurers
    • Court-appointed fiduciaries
  11. Mortgage broker-specific exemptions
    • Purchasers of real estate issuing obligation to seller to finance transaction
    • Real estate licensees
    • Mortgage bankers
    • Persons licensed under OR law on Mobile Home and Manufactured Dwelling Parks
  12. MLO exemptions

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