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WBK Industry News - State Regulatory Developments

Oregon Conforms MLO Pre-Licensing Requirements with NMLS

The Oregon Department of Consumer and Business Services, Finance and Securities Regulation, in order to conform fully to the Nationwide Mortgage Licensing System and Registry (“NMLS”) recently amended Oregon Administrative Rule 441-880-0310: MLO Education Requirements. Previously, NMLS and Oregon pre-license education did not expire regardless of whether the person actually obtained a license. NMLS revised its licensing database and Oregon amended its rules so that pre-licensure education will expire in three years if a person has not obtained a license, or if a person fails to maintain an originator license or registration in any jurisdiction for three years. If pre-licensing education expires, the applicant must retake the pre-licensing education course prior to submitting an application for a license. Oregon’s amended rules became effective January 1, 2017.