OAR 441-860-0020
Application Requirements
(1)
A completed Form MU1 submitted through the Nationwide Mortgage Licensing System and Registry and approved by the director.(2)
A completed Form MU2 submitted through the Nationwide Mortgage Licensing System and Registry and approved by the director for any individual that acts as a control person for the mortgage banker or mortgage broker.(3)
Intentionally left blank —Ed.(a)
A corporate surety bond submitted through the Nationwide Mortgage Licensing System and Registry that meets specified terms calculated using the appropriate loan volume amounts under OAR 441-860-0085 (Corporate Surety Bond for Mortgage Bankers or Mortgage Brokers Acting as or Employing a Mortgage Loan Originator) if the applicant acts as the applicant’s sole mortgage loan originator or employs a mortgage loan originator; or(b)
A corporate surety bond submitted through the Nationwide Mortgage Licensing System and Registry that meets specified terms calculated using the appropriate loan volume amounts under OAR 441-860-0090 (Corporate Surety Bond or Irrevocable Letter of Credit for Mortgage Bankers Not Employing Mortgage Loan Originators); or(c)
An irrevocable letter of credit filed with the director that meets specified terms calculated using the appropriate loan volume amounts under OAR 441-860-0090 (Corporate Surety Bond or Irrevocable Letter of Credit for Mortgage Bankers Not Employing Mortgage Loan Originators) if the applicant is a mortgage banker and the applicant is either not a mortgage loan originator or the applicant is not required to employ a mortgage loan originator.(4)
Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than six months prior to submission of the application through the Nationwide Mortgage Licensing System and Registry.(a)
The financial statements may be prepared by the mortgage banker or mortgage broker, except that if the director finds it in the public interest, the director may require that a mortgage banker or mortgage broker submit financial statements prepared by an independent accountant.(b)
If the financial statements are more than six months old, interim period financial statements prepared by the mortgage banker or mortgage broker for the period ending the last full month prior to the date of application shall also be submitted.(5)
A written authorization to examine the applicant’s Clients’ Trust Account under ORS 86A.157 (Clients’ Trust Account) or, in the case of a neutral escrow depository, a copy of the escrow agreement under OAR 441-875-0040 (Financial Practices; Manner of Disbursement).(6)
A copy of the written notice to financial institution of establishment of Clients’ Trust Accounts under ORS 86A.160 (Notice to bank regarding Clients’ Trust Account). In the event the applicant does not receive client funds except at the time of closing, an affidavit and undertaking in the form and on terms approved by the director.(7)
The name of the registered agent of the mortgage banker or mortgage broker appointed under ORS 60.111 (Registered office and registered agent) to accept process, notices or demands served upon the mortgage banker or mortgage broker listed on the application submitted through the Nationwide Mortgage Licensing System and Registry.(8)
Biographical information required by OAR 441-860-0021 (Biographical Information Required for Mortgage Banker or Mortgage Broker License Application) submitted through the Nationwide Mortgage Licensing System and Registry.(9)
The information required under OAR 441-860-0030 (Branch Office Licensing) for each branch office submitted through the Nationwide Mortgage Licensing System and Registry.(10)
Payment of fees for application or renewal, as applicable, under OAR 441-860-0101 (Fees Payable to the Director), paid through the Nationwide Mortgage Licensing System and Registry.
Source:
Rule 441-860-0020 — Application Requirements, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-860-0020.