Mortgage Lending

Oregon Revised Statute 59.840 to 59.996

Important notice: On March 11, 2008, Governor Ted Kulongoski signed into law Senate Bill 1064, which expands enforcement over loan originators by allowing the Department of Consumer and Business Services (DCBS) to ban or suspend loan originators from engaging in dishonest or fraudulent practices. DCBS will maintain a registry of loan originators and list complaints made against them as well as actions taken. The bill also requires lenders to file an annual report with DCBS detailing their lending activity. The Department, in consultation with stakeholders, is developing rules and timelines for the annual reports. A report on 2007 data is required and will be due no earlier than August 30, 2008. The Department is in the process of developing a form for the report to be completed online. We expect to have the form available soon. To receive email notification when this information is updated, please click here.

Beginning on Jan. 1, 1994, the State of Oregon required licensing for mortgage bankers and mortgage brokers. The licensing law required that each licensee maintain a surety bond or irrevocable letter of credit of at least $25,000 and use an in-state clients' trust account if the licensee accepts clients' funds prior to the close of escrow. Each licensee is also required to employ an experienced person who has at least three years experience in mortgage lending. The law provides for the licensing of the company, not the individual loan originators.

Since Jan. 1, 2002, licensees have been required to notify DFCS of the names of loan originators working for the licensee that originate Oregon residential mortgage loans. All loan originators also must complete 20 hours continuing education every 2 years.

Consumer information

• Enforcement order search
• Foreclosures in Oregon
• File a complaint
• Mortgage lender forms
• Orders of exclusion
• Press releases and consumer alerts
• Resources: Consumer protection
• Search for lenders
• Search for loan originators

Licensee information

• Contact your examiner
• FAQs
• Foreclosure notice required by House Bill 3630 (2008)
• Loan originator requirements
• Mortgage lender forms
• Mortgage lender license information
• Online mortgage lender licensing system
• Proctored testing
• Regulatory guidance of nontraditional mortgage products
• Resources: Mortgage lenders
• Resources: Registering a business
• Search for lenders
• Search for loan originators
• Statutes & Rules
• Surety bond insurance companies

General information

• Division policy statement
• Newsletter
• Press releases and consumer alerts

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Forms

Affidavit and undertaking - no clients' trust account 440-2776 last updated: 06/01/2007	PDF  | Word
Change of name or address request 440-3919 last updated: 03/08/2006	PDF  | Word
Clients' trust account, notice of 440-2777 last updated: 03/08/2006	PDF  | Word
Examination - loan worksheet 440-3369 last updated: 03/08/2006	PDF  | Word
Examination report 440-3368 last updated: 08/31/2007	PDF  | Word
Loan originator notification form 440-2772 last updated: 03/08/2006	PDF  | Word
Loan originator termination notification 440-2907 last updated: 03/08/2006	PDF  | Word
Mortgage lender application package 440-2773, etc. last updated: 06/28/2007	PDF  | Word
New branch application 440-3910, etc. last updated: 03/08/2006	PDF  | Word
Nonprofit applying for mortgage lender licensing exclusion request 440-3457 last updated: 12/15/2006	PDF  | Word
Section 5 - Affiliated Person Information 2894 last updated: 03/08/2006	PDF  | Word
Surety bond form 440-2775 last updated: 06/28/2007	PDF  | Word

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Press releases and consumer alerts

	Oregon receives grant money for foreclosure counseling and assistance - 03/17/08
	State issues fines, enforcement orders in 4 mortgage lending cases - 08/16/07
	Department offers advice to help consumer avoid foreclosure - 08/9/07
	AG Myers and DCBS remind Oregonians of restitution eligibility in $325 million Ameriquest settlement - 07/12/07
	State orders $46,000 in fines against promoters of illegal mortgage rescue scheme - 06/20/07
	State issues fines, enforcement orders in 2 mortgage lending cases - 06/7/07
	State orders two mortgage providers to stop illegal activity - 04/17/07
	State to strengthen regulation of mortgage lenders - 01/18/07
	Mortgage Lending Requirements Strengthened - 01/17/07

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Resources: Consumer protection

	Identity theft
	Spam e-mail

Resources: Mortgage lenders (includes criminal records checks)

	Comptroller of the Currency (OCC) Administrator of National Banks
	Criminal records checks (National Association of Professional Background Screeners)
	Department of Housing and Urban Development (HUD)
	How to advertise consumer credit correctly
	Industry FAQs about Real Estate Settlement Procedures Act (RESPA)
	Mortgage Lending Education Board
	National Association of Independent Fee Appraisers
	Office of Thrift Supervision Regulator for federally chartered savings and loans
	Oregon Association of Mortgage Brokers (OAMB)

Resources: Registering a business

	Assumed business names
	Business registry
	List of known agents for service of process

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Statutes and Administrative Rules

Securities Regulation; Mortgage Bankers and Brokers	ORS Chapter 59
Custody of client funds	OAR Chapter 441, Div. 875
License cancellation	OAR Chapter 441, Div. 885
Licensing	OAR Chapter 441, Div. 860
Loan originators	OAR Chapter 441, Div. 880
Public records, fees, opinion requests, rulemaking	OAR Chapter 441, Div. 850
Records and reports requirements	OAR Chapter 441, Div. 865
Unethical practices	OAR Chapter 441, Div. 870