- (1) All mortgage brokers or mortgage bankers employing mortgage loan originators shall provide notice to the Nationwide Mortgage Licensing System and Registry when it authorizes a mortgage loan originator to originate Oregon residential mortgage loans. Notice must be made by submitting a request to sponsor the mortgage loan originator’s license.
- (2) No mortgage banker or broker shall allow a mortgage loan originator to originate residential mortgage loans for the mortgage banker or mortgage broker until the Director has accepted the mortgage banker or mortgage broker’s sponsorship request.
- (3) All mortgage bankers or mortgage brokers shall provide notice within 30 days to the Nationwide Mortgage Licensing System and Registry when a mortgage loan originator ceases to originate loans for the mortgage banker or mortgage broker. Notice must be made by terminating the sponsorship of the mortgage loan originator.
- (4) The director may request additional information regarding any of the occurrences outlined in this rule.
Statutory/Other Authority
ORS 86A.136
Statutes/Other Implemented
ORS 86A.151
History
FCS 5-2014, f. 9-18-14, cert. ef. 1-1-15
FCS 4-2012, f. & cert. ef 8-1-12