Is Oregon Mortgage Loan Originator MLO (Oregon Mortgage Broker Licensing) Right For Me?
That is a tough question to answer but it depends entirely on you, what you like and what motivates you! Let’s look at some reasons you would want to obtain an Oregon Mortgage Loan Originators (MLO) or Loan Agent License:
Cost:Most states, education courses for a licensed loan officer are usually less then $500. This is one of the lowest priced career choices anywhere and can result in one of the highest paying careers as well!
Education: To become a loan officer you need to attend a certified school. You can do online loan officer school or in person mortgage lender school. The average time varies, but in almost all states, the time is less then 30 hours total for most states.
Time: You can become a Mortgage Loan Officer (MLO) in your free time if you choose the online schooling. Courses start nearly every day and there is a schedule to meet your time constraints.
Income:Sky is the limit when it comes to income. Mortgage Loan Officers (MLO) don’t have any salary cap and the top MLO’s can earn income that far exceeds that of professionals who have 10+ years of college and post graduate schooling!
Demand: Obtaining a lenders license can be one of the most lucrative careers in real estate. Most buyers need a loan to buy a property, so as a lender or MLO, they need you and real estate can’t be done without you! This is a job that won’t be phased out as well.
Flexibility: Even if this is a second job, or a full time career, you can balance your hours around your other obligations. Many MLO’s work from home as well.
Pride:Having a hand in helping a deserving home buyer finally get into homeownership is one of the most rewarding and fulfilling feelings that any job could have. You can enjoy life knowing that your work brought the American Dream to those around you.
Location: You can work in as many states as you wish to get licensed in and that means you can live in California while working for your family in New York, or focus on first time buyers in Texas while you live in Idaho!
If you feel this is a career choice that you would want to pursue, you need the right training. Nationwide, we choose to work with the best. Interested? Start your career here.
| Collection Agency Registration | The Oregon Division of Financial Regulation registers individuals or companies that collect third-party debts or repossess collateral, such as a vehicle. Specifically, ORS 697.005 defines a collection agency as a person that: •Directly or indirectly solicits a claim for collection; •Collects or attempts to collects a claim owed or asserted to be owed to a third party; •Sells, offers to sell or furnishes forms represented to be a collection system, even if the creditor uses its own name in collecting the debt using the collection system; •Uses a fictitious name or name other than their own to collect their own debt; •Repossesses or attempts to repossess collateral due or asserted to be due to another person; or •Collects claims from another person while using a name other than the usual business name of the party owed the debt and that tends to convey that a third-party has been engaged to collect the claim. ORS 697.015 requires that a collection agency be registered in Oregon to operate in this state. |
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| Consumer Finance License | An Oregon consumer finance license is required for any person, broker, agent, or facilitator engaged in the business of making secured or unsecured loans or lines of credit for less than $50,000 with periodic payments and terms longer than 60 days. Details (More Details) |
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| Consumer Finance Registration | An Oregon consumer finance license is required for any person, broker, agent, or facilitator engaged in the business of making secured or unsecured loans or lines of credit for less than $50,000 with periodic payments and terms longer than 60 days. Details (More Details) |
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| Debt Buyer License | HB 2356, passed during the 2017 Oregon legislative session, requires any person that regularly engages in the business of purchasing charged-off debt for the purpose of collecting the debt or hiring another to collect or bring legal action to collect the charged-off debt to have a license. |
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| Debt Management Service Provider Registration | Companies that help people with their debt, such as debt settlement or consolidation, credit repair, home loan modifications or short-sale negotiations, and budget counseling must register with the Division, unless an exemption in ORS 697.612(3) applies. |
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| Exempt Company Registration | This registration is voluntary for a mortgage company that is exempt but has employees that act as mortgage loan originators. (More Details) |
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| Money Transmitter License | Businesses that want to provide money transmission services in Oregon, such as electronic bill payment and wiring money, must have a license with the division. Specifically, money transmission services is defined in ORS 717.200(11) as “selling or issuing payment instruments or engaging in the business of receiving money for transmission, or transmitting money within the United States or to locations abroad by any and all means, including but not limited to payment instruments, wire, facsimile or electronic transfer.” ORS 717.205(1) requires a person to have a license to conduct a money transmission business. |
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| Mortgage Lender License | This License is required of any company (including sole proprietorship) that for compensation or gain, or in the expectation of compensation or gain: (a) assists or holds itself out as being able to assist a person in obtaining or applying to obtain an Oregon residential mortgage loan, (b) makes an Oregon residential mortgage loan or (c) offers to sell or sells residential real estate paper or accepts funds for investment in real estate paper. An Oregon residential mortgage loan is any loan secured by a 1-4 dwelling unit made to an Oregon consumer, on Oregon property, or from a place of business located in Oregon. (More Details) |
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| Mortgage Servicer License | Any company that will be servicing an Oregon residential mortgage loan that is not exempted by law is required to have a mortgage servicer license prior to engaging in servicing activity per Section 3 of SB 98 passed during the 2017 Oregon legislative session. |
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| Payday - Title Loan License | A payday/title loan license is required for any person or company that originates short-term loans of less than $50,000 to Oregon consumers, or acts as an agent, broker or facilitator for a person that makes short-term loans of less than $50,000 to Oregon consumers. Such loans may not exceed 60 days and are typically repaid in a single payment. Interest rates are limited to 36% per annum. (More Details) |
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| Payday - Title Loan Registration | A payday/title loan registration is required for any person or company that DO NOT originate payday and/or title loans from their corporate office location, but they have branch locations that do originate payday and/or title loans of less than $50,000 to Oregon consumers. Each branch location that does originate loans will need a branch license. (More Details) |
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| Student Loan Servicer License - Federal Contract | Student Loan Servicers are required to be licensed in the state of Oregon. Student Loan Servicers with current contracts with the United States Secretary of Education under 20 U.S.C. 1087f may apply for this abbreviated license application. SB 485, 2021 |
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| Student Loan Servicing License | Any person that directly or indirectly services a student loan in the state of Oregon. Student Loan Servicers with current contracts with the United States Secretary of Education under 20 U.S.C. 1087f may apply for a license under Student Loan Servicer – Federal Contract. SB 485, 2021 |
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| Collection Agency Branch Registration | A registered collection agency is required to have a registered branch if the collection agency is located outside of the state of Oregon but conducts business collecting debts incurred in Oregon from Oregonians, unless the collection agency has been granted a waiver. The branch location must be a regular, active business office located in Oregon. The company is only required to register one branch in Oregon. This license should only be applied for by a company that also holds or is applying for OR Collection Agency Registration. |
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| Consumer Finance Branch License | A consumer finance branch license is required for each location that makes a loan to an Oregon consumer and the loan is for $50,000 or less, with a term of more than 60 days and at an interest rate greater than 12%. No license is required for business purpose loans, commercial loans, purchase money loan or retail installment sales contracts. (More Details) |
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| Mortgage Lender Branch License | This License is required for each fixed physical location, other than the main location of the company, of a licensed Mortgage Lending company offering to originate residential mortgage loans for Oregon consumers, secured by Oregon property or at a physical location in Oregon. (More Details) |
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| Mortgage Servicer Branch License | Any company that services an Oregon residential mortgage loan at a location other than the business entity’s principal place of business. Section 4 of SB 98, passed during the 2017 legislature, requires a mortgage servicer to identify all branches at which it will engage in the servicing of Oregon residential mortgage loans as well as display a copy of the license in each branch. |
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| Payday - Title Loan Branch License | A payday/title loan branch license is required for each location that originates loans of less than $50,000. A person acting as an agent, broker, or facilitator for an entity that makes such loans must also be licensed as a payday/title lender. Such loans may not exceed 60 days and are typically repaid in a single payment. Interest rates are limited to 36% per annum. (More Details) |
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| Student Loan Servicer Branch License | Any branch location of a Student Loan Servicer or Student Loan Servicer – Federal Contract location that is directly or indirectly servicing student loans in the state of Oregon. This license should only be applied for by a company that also holds or is applying for Student Loan Servicer or Student Loan Servicer – Federal Contract license. SB 485, 2021 |
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| Mortgage Loan Originator License | This license is required of any individual, who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers to negotiate or negotiates the terms of a residential mortgage loan for an Oregon consumer, on Oregon property or from a place of business in Oregon. |
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How much do mortgage loan officers make in Oregon?
How much does a Loan Officers make in Oregon? As of Oct 4, 2022, the average annual pay for a Loan Officers in Oregon is $90,010 a year. Just in case you need a simple salary calculator, that works out to be approximately $43.27 an hour. This is the equivalent of $1,730/week or $7,500/month.
Is the MLO exam hard?
The NMLS test difficulty can be described as challenging, even for those who prepare, and this is on purpose. Due to the financial responsibilities of mortgage loan officers, the exam serves to ensure MLOs are prepared for these duties and are held to high industry standards.
Can you be a loan officer and a realtor in Oregon?
Can Realtors Be Loan Officers And Real Estate Agents At Same Time? The answer is yes.
How long does it take to pass MLO?
To get your MLO license in California, you will need to complete a required 20-hour SAFE pre-license NMLS course with any additional work from the California state licensing agencies: The California Department of Business Oversight (DBO) and The California Department of Real Estate (DRE).
Is MLO a good career?
Generally, the longer you work as an MLO, the more your experience translates into higher earnings. To give you a ballpark idea of what to expect, you can look to the Bureau of Labor Statistics. They say that in 2020, the average MLO earned $63,960, which breaks down to $30.75 an hour.
What are some of the pre requisites to obtaining a license as an MLO under the CA DFPI?
20 hours of pre-licensing education including 3 hours of federal law and regulations, 3 hours of ethics, 2 hours of training related to nontraditional mortgage products, 10 hours of elective education, and 2 hours of CA-DFPI Law. All pre-License education must be received from NMLS approved course providers.