| Q: |
Who is required to
file an annual report? |
| A: |
Any company that held
an Oregon mortgage company license for even one day
in 2011 must file an annual report. This includes
all types of companies, including, but not limited
to, sole proprietorships, partnerships, corporations,
and LLCs. |
|
|
| Q: |
I am a loan originator. Do I need
to file an annual report? |
| A: |
No, loan originators working for licensed mortgage bankers
and brokers do not file annual reports. |
|
|
| Q: |
I
had an Oregon license in 2011 but I no longer have
one. Should I file an annual report? |
| A: |
Yes. |
|
|
| Q: |
We
did no business in Oregon in 2011. Do I still need
to file a report? |
| A: |
Yes. You will enter zeros in the report. |
|
|
| Q: |
How will I submit
the report? Can I e-mail, fax, or mail the report? |
| A: |
No, all reports must be filed using the online electronic form. |
|
|
| Q: |
I have my PIN number but I can’t
login. What’s wrong? |
| A: |
The most frequent problem is trying to enter the “ML”
in the license number. The system is set up for the numbers only. Try entering just the numbers
of your license. If you still have problems, please contact the Division. |
|
|
| Q: |
Do I use periods
and commas when entering dollar figures? |
| A: |
No. Please do not use periods or commas in your dollar figures. |
|
|
| Q: |
When using the online
form, can I fill out some of the report and come back later to complete the rest? |
| A: |
No, the system will not save data for editing at a later time.
We recommend that you gather all of the information you will need to complete the report
before you begin entering any data. |
|
|
| Q: |
Where can I find my PIN number to
login to complete the electronic report? |
| A: |
Contact DFCS to get a PIN number.
DFCS will need to verify that the person requesting
the PIN number is listed with the licensee as an
owner, control, or contact person.
Please direct these questions to the assigned licensing examiner as indicated
in the following table:
|
| |
|
| Q: |
Should
I include information on loan applications that were canceled or otherwise
did not close? |
| A: |
No, only completed loans should be reported.
|
| |
|
| Q: |
What
should I do about loans that apply to more than one category on the report?
For instance, I have a purchase-money, first lien loan with both an adjustable
rate and a prepayment penalty. How should I report that loan? |
| A: |
You should include each loan in each category
that is applicable. In this example, the loan should be included in four
categories: first-lien mortgage loans, adjustable rate mortgage loans,
loans with pre-payment penalties, and loans for purchasing a primary owner-occupied
residential dwelling. |
| |
|
| Q: |
Should
I report construction loans? |
| A: |
You should include a construction loan in
the appropriate loan category if the loan was to construct a one-to-four
family residential dwelling, regardless of whether the property will be
owner-occupied or non-owner-occupied when completed. The legal definition
of mortgage loan includes construction loans of this type. |
| |
|
| Q: |
Should I report lot loans or bridge
loans?
|
| A: |
No, these should not be included on this
report. |
| |
|
| Q: |
Are
loans with “early closure/cancellation fees”
included as loans with a prepayment penalty in
Question #9?
|
| A: |
No, loans with early
closure or cancellation fees or that require payment
of the entire month’s interest should not be
reported, even when the loan is paid off within that
month. Neither HELOCs or government loans should
be reported in Question #9. |
| |
|
| Q: |
When
reporting for the prepayment penalty as required
in question number #9, what do I need to report? |
| A: |
You need to report the total number of loans
and the total dollar value of the loans that contained the prepayment
penalty. You do not need to report what the dollar amount of the prepayment
penalty would be. |
| |
|
| Q: |
Should
I report a refinance loan where the property was
owned unencumbered (free and clear) in Question #11? |
| A: |
Yes. |
| |
|
| Q: |
What
happens to my report? Will it be disclosed to others? |
| A: |
The information in the report is confidential
and is not subject to disclosure, except that DFCS may abstract information
from the reports for use in such a manner that it doesn’t identify
a particular licensee. It is anticipated that the information will be
used to create reports that show the overall picture of lending in Oregon
and to assist DFCS in the administration of the mortgage lending program. |
| |
|
| Q: |
What
are the consequences for not filing this report? |
| A: |
Licensees that fail to file the annual report
may be subject to a civil penalty of up to $100 per day for each day the
report is late. |
