Company license and branch license application information
Background information
On July 30, 2008, President Bush signed Public Law 110-289--the Housing and
Economic Recovery Act of 2008. Title V of the bill, the Secure and Fair Enforcement for Mortgage
License Act (the SAFE Act) impacts mortgage brokers and loan originators by requiring all loan
originators be licensed using the Nationwide Mortgage Licensing System & Registry (NMLSR).
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage
Regulators (AARMR) developed the NMLSR to allow companies to manage their mortgage licenses in
an electronic format through a secure website.
The Division of Finance and Corporate Securities (DFCS) will begin using NMLSR
to license mortgage bankers, mortgage brokers, and mortgage loan originators in 2010. Oregon
intends to use a two-step process for transitioning on to the NMLSR by first requiring companies
to transition their licenses onto the system between January 4, 2010, and March 31, 2010, then
beginning to take mortgage loan originator license applications beginning on April 1, 2010. This
two-step process will ensure that companies are on the system when loan originators begin applying
for their licenses.
How this affects you
Companies with an existing Oregon license that expires between January 1, 2010
and June 30, 2010, will be required to apply for a new license with NMLSR.
Your application may be submitted beginning on January 4, 2010, and must be
completed by March 31, 2010, or 30 days before your current license expires, whichever is earlier.
Applying for a license into NMSLR is a multi-step process that requires coordination between
the company and its owners, officers, and experienced person. As a result, there are delays,
often of several days, between steps. Please allow yourself plenty of time to complete the process.
Accessing NMLSR for the First Time
In order to begin using NMLSR, you must complete a Company Account Request Form
and identify a Primary Account Administrator and a Secondary Account Administrator. You will
submit this form electronically through the NMLSR website in the "Getting Started"
section.
If
your company has already requested and been given an account number because it is participating
in the system to do mortgage lending in another state, you do not have to resubmit these forms.
They are only submitted once for each company, and will cover activities in all states. You will
only have to login to NMSLR to identify that you wish to apply for your Oregon license and complete
a few additional fields.
For companies that are new to the NMSLR, after completing and submitting the
Company Account Request Form, the Primary Account Administrator will receive login information
within three business days. This will give full rights to access NMLSR, submit information to
DFCS and other participating state mortgage regulators, and set-up access for other users within
the company.
NMLSR Forms
The following
information applies for new license applications. If you are transitioning a license, please click
here.
You may being completing these forms at any time, but you will not be able to
submit them to NMLSR for Oregon until January 4, 2010.
After getting access to NMLSR, you will need to submit the following uniform
mortgage applications (MU Forms) to NMLSR by March 31, 2010, in order to apply for your Oregon
license to the NMSLR:
- Licensed companies will submit a Form MU1.
- A Form MU2 will be submitted for each Control Person such as
an executive officer, experienced person, any person directly or indirectly owning 10 percent
or more of the company, and branch manager.
- A Form MU3 will be submitted for each branch location the company
has licensed in Oregon.
Examples of these forms and instructions for completing them may be found at
http://mortgage.nationwidelicensingsystem.org/slr/common/policy/Pages/default.aspx.
Tutorials and instructions are available on the NMLSR
resource page.
NMLSR Fees
For companies applying for a license, NMLSR charges a one-time $100 system processing
fee per company license per state and $20 fee per licensed branch location. Oregon charges $550
per company license and $250 per licensed branch location. Applicants will pay these fees electronically
through NMLSR.
Going forward, NMLSR will charge an annual processing fee of $100 per company
license, $20 per licensed branch location, $30 per mortgage loan originator license, and $30
each time a mortgage loan originator changes employment.
These processing fees pay for NMLSR operations (including licensee access to
the system 362 days per year); ability to maintain, renew, and run reports on licenses; and call
center support.
NMLSR Website
Information on NMLSR, including instructions and tutorials on how to access
and use the system, are available on on the NMLSR
resource page.
The site provides step-by-step instructions on how to access the system, guides
on how to complete the application forms, the transition plans for each state, tutorials, current
and future participating states, system alerts, system processing fees and general background
information.
There are also links to NMLSR and Oregon-specific information on the DFCS website
www.cbs.state.or.us/external/dfcs/nmls.html
including a copy of Oregon's transition plan.
We have answers to frequently asked questions on our website at www.oregondfcs.org/mortgage_lending.html.
These will be updated as more information is available. If you have any other questions about
Oregon's transition plan for your company, please ask one of our examiners, who are assigned
to licensees based upon the company name.
