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WBK Industry News - State Regulatory Developments

Oregon Adopts Electronic Surety Bonds on NMLS

The state of Oregon requires mortgage licensees to obtain a surety bond as a condition of licensure. Until recently, the surety bond was the only physical piece of paper still required for the mortgage licensing process. The NMLS, however, now allows for the electronic submission and tracking of surety bonds. To allow for the utilization of this new feature, the Oregon Department of Consumer and Business Services, Finance and Securities Regulation recently adopted provisions allowing Oregon licensees to electronically submit the required surety bond information through the NMLS. These provisions take effect on April 1, 2017.

A copy of the Certificate and Order adopting the new provisions can be viewed here: http://dfr.oregon.gov/laws-rules/Documents/441-860-0020-permanent.pdf.

A copy of the text of the new provisions can be viewed here: http://dfr.oregon.gov/laws-rules/Documents/441-860-0020-text.pdf.