justicedao/ipfs_state_laws huggingface dataset:
441-880-0400 Fees Payable to the Director (1) In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a person applying for a mortgage loan originator license shall pay to the director a nonrefundable fee of $80 for the issuance of a mortgage loan originator license. (2) In addition to any fees required to participate in the National Mortgage Licensing System and Registry, a person renewing a mortgage loan originator license shall pay to the director a nonrefundable fee of $65 for the renewal of a mortgage loan originator license. Statutory/Other Authority: ORS 86A.242 Statutes/Other Implemented: ORS 86A.136, 86A.206 & Or Laws 2011, ch 618, section 1 History: FSR 15-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 8-2015, f. & cert. ef. 10-2-15 FCS 4-2015(Temp), f. & cert. ef. 5-21-15 thru 11-13-15 FCS 8-2011, f. & cert. ef. 10-3-11 FCS 5-2011(Temp), f. 6-30-11, cert. ef. 7-1-11 thru 12-28-11 FCS 12-2009, f. 12-2-09, cert. ef. 1-1-10
441-885-0010 Cancellation of Mortgage Banker Or Mortgage Broker License for Failure to Maintain Corporate Surety Bond or Irrevocable Letter of Credit (1) The director may cancel the license of a mortgage banker or mortgage broker for failing to maintain a corporate surety bond or irrevocable letter of credit as required by ORS 86A.106 and OAR 441-860-0090 or ORS 86A.227 and OAR 441-860-0085. The procedure for canceling a mortgage banker or mortgage broker license under this rule is as follows: (a) Upon notification from the surety of notice of intent to cancel the corporate surety bond, or upon notification from the financial institution of notice of intent to cancel the irrevocable letter of credit, the director shall notify the mortgage banker or mortgage broker. This notice may be sent by setting a deficiency on the company’s license in the Nationwide Mortgage Licensing System and Registry (b) If an effective corporate surety bond is not submitted through the Nationwide Mortgage Licensing System and Registry or an irrevocable letter of credit filed with the director by 5 p.m. Pacific Time within thirty (30) calendar days after receiving the notice in subsection (a) of this rule the director shall cancel the license of the mortgage banker or mortgage broker. The cancellation of the mortgage banker or mortgage broker license shall be effective as of the corporate surety bond or irrevocable letter of credit cancellation date. For purposes of this rule, an effective corporate surety bond or irrevocable letter of credit is one that commences no later than the cancellation date of the previous corporate surety bond or irrevocable letter of credit. (2) A mortgage banker or mortgage broker whose license has been cancelled may obtain a mortgage banker or mortgage broker license in Oregon by submitting a new application. (3) Upon cancellation of a mortgage banker or mortgage broker license all rights under the license are terminated, except that the director shall retain jurisdiction to investigate the professional activities pursuant to ORS 86A.124. (4)(a) The director may change the mortgage loan originator’s license status to inactive if the director finds that the mortgage loan originator is not covered by a corporate surety bond or the corporate surety bond covering the mortgage loan originator is maintained in an insufficient amount under OAR 441-860-0085. (b) The director may change the mortgage loan originator’s license status to approved if the mortgage loan originator provides evidence acceptable to the director that the mortgage loan originator is covered by a corporate surety bond or the corporate surety bond covering the mortgage loan originator is maintained in a sufficient amount under OAR 441-860-0085. Statutory/Other Authority: ORS 86A.106 & 86A.242 Statutes/Other Implemented: ORS 86A.121 & 86A.227 History: FSR 1-2017, f. 1-31-17, cert. ef. 4-1-17 FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10 FCS 4-1999, f. & cert. ef. 12-23-99 FCS 3-1993, f. & cert. ef. 11-15-93
441-890-0005 Application Requirements Each person applying for a mortgage servicer license shall submit to the director all the following required application materials and information: (1) A completed Form MU1 submitted through the NMLS and approved by the director. (2) A completed Form MU2 submitted through the NMLS and approved by the director for any individual identified in OAR 441-890-0010. (3) Fingerprints and an authorization to conduct a criminal records check and obtain a credit report submitted through the NMLS from any individual that acts as a controller or manager for the mortgage servicer. Notwithstanding section 4(2)(A) of 2017 Or Laws ch 636 , fingerprints need not be submitted for registered agents. (4)(a) A corporate surety bond submitted through the NMLS that meets specified terms calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035; or (b) An irrevocable letter of credit filed with the director through the NMLS that meets specified terms calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035. (5)(a) Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than six months prior to submission of the application through the NMLS. (b) The financial statements may be prepared by the mortgage servicer, except that if the director finds it in the public interest, the director may require that a mortgage servicer submit financial statements prepared by an independent accountant. (c) If the financial statements are more than six months old, interim period financial statements prepared by the mortgage servicer for the period ending the last full month prior to the date of application shall also be submitted. (6) A statement with a detailed breakdown of the portfolio of mortgage loan servicing rights on a nationwide basis, as well as separately for Oregon. The information should reflect the composition of the portfolio based on mortgage servicing rights owned and aggregate number of loans and unpaid principal balance of all 1-4 family residential mortgage loans segregated by subservicer. The information provided should be as of the most recent quarter and reported in the form of an NMLS Mortgage Call Report. (7) The names and contact information of all subcontractors performing servicing activities on behalf of the mortgage servicer. (8) Biographical information required by OAR 441-890-0010 submitted through the NMLS. (9) The information required under OAR 441-890-0020 for each branch office submitted through the NMLS. (10) Payment of fees for application or renewal, as applicable, under OAR 441-890-0040, paid through the NMLS. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 7-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 10-2017, temporary adopt filed 10/23/2017, effective 10/23/2017 through 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0010 Biographical Information Required for Mortgage Servicer License Application (1) Each of the following persons listed in section (2) of this rule shall submit a Form MU2 to the director of the Department of Consumer and Business Services through the NMLS. (2) This rule applies to: (a) Any director, officer, and a shareholder with a direct or indirect ownership of greater than or equal to ten percent of outstanding shares of a corporate applicant; (b) The owner, if the applicant is an unincorporated sole proprietorship; (c) Each managing partner of a limited partnership or a partner in a general partnership with a partnership interest greater than or equal to ten percent of the total partnership interests in the general or limited partnership; (d) A member or managing member in a limited liability company with an ownership interest greater than or equal to ten percent of the total membership interests in the limited liability company; and (e) Each manager of a branch office. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 8-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0015 Deficiencies in Mortgage Servicer License Application (1) If an applicant or licensee submits an application, filing, or amendment, which is incomplete in any respect, the director shall notify the applicant or licensee of the deficiencies through the NMLS. The applicant or licensee shall correct a deficiency associated with an application, filing, or amendment within 30 days of being notified through the NMLS that the director placed a deficiency on the person’s application, filing, or amendment. A challenge submitted to the NMLS as set out in OAR 441-850-0050 shall halt the 30-day period of time for correcting deficiencies for the duration of the challenge process. (2) If the applicant fails to complete the application or respond to deficiencies within 30 days, the application will be considered abandoned. Any fees paid by the applicant under OAR 441-890-0040 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a mortgage servicer license. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 9-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0020 Branch Office Licensing (1) If a licensee intends to operate a branch office from which it will service Oregon loans or that will be located in Oregon, the licensee shall obtain a license for the branch office prior to servicing loans from the branch office by submitting the licensing fee specified in OAR 441-890-0040 and submitting a Form MU3 to the NMLS. (2) Upon satisfaction of the requirements listed in section (1), if the company’s license is in good standing and the director is satisfied that the branch application is complete, the director shall issue a separate branch office license. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 10-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0025 Renewal of Mortgage Servicer License (1) A mortgage servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage servicer license, the mortgage servicer shall submit a renewal request for the license to the director through the NMLS and shall: (a) Complete a renewal request with an attestation that the records are true and accurate; and (b) Pay any applicable renewal fees prescribed under OAR 441-890-0040. (2) A mortgage servicer seeking to renew its license shall each calendar year: (a) Submit, or confirm, through the NMLS a corporate surety bond meeting specified terms and calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035; or (b) File or have on file with the director an irrevocable letter of credit which meets specified terms calculated using the appropriate loan volume amounts under OAR 441-890-0035. (3) If a mortgage servicer submits an application for renewal which is incomplete in any respect, the director shall notify the mortgage servicer of the deficiencies on the application. The mortgage servicer shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs last, to complete the application for renewal. If the mortgage servicer fails to complete the application for renewal, and the license shall be terminated on the expiration date by reason of failure to renew. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 11-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0030 Liquidity, Operating Reserves, and Tangible Net Worth Requirements (1) An applicant or licensee operating as an approved servicer by one or more government sponsored enterprise (GSE) must maintain liquidity, operating reserves, and tangible net worth that meet the standards set by the GSE. If approved by more than one GSE, the applicant or licensee must meet the highest standard of the GSEs for which it is approved. (2)(a) An applicant or licensee with a portfolio of only non-GSE loans must maintain a minimum tangible net worth of $1 million or maintain a $1 million surety bond. (b) An applicant or licensee with a portfolio of non-GSE loans must maintain liquidity, including operating reserves, of .00035 times the unpaid principal balance of the portfolio. (3) The director may waive or adjust one or more of the requirements in this section if it finds that doing so will be in the public interest. The director shall consider the servicer’s loan portfolio, operational risks, net worth, operating reserves, and degree of supervision by other regulatory entities. Statutory/Other Authority: ORS 86A.315 Statutes/Other Implemented: ORS 86A.315 History: FSR 12-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0040 Fees Payable to the Director In addition to any fees required to participate in the NMLS, a mortgage servicer shall pay to the director the following fees at the time of application or renewal: (1) A nonrefundable application fee for a mortgage servicer license of $960 plus a $330 nonrefundable application fee for each branch the mortgage servicer establishes in Oregon. (2) A nonrefundable renewal application fee for a mortgage servicer license of $480 plus a $165 nonrefundable renewal application fee for each branch the mortgage servicer maintains in Oregon. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 14-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0045 Examination Charges (1) Examination charges shall be paid upon receipt of the invoice of examination fees. (2) In addition to the initial application and renewal fees assessed under 2017 Or Laws ch 636 § 4 and these rules, licensees shall pay an examination charge in the amount of $75 an hour for each person used in performance of the examination. (3) Notwithstanding section (2) of this rule: (a) If an employee of the Department is required to travel out of state to perform the work described by section (2) of this rule, the rate of charge is $75 per hour plus costs for travel and subsistence for each such person; (b) If the work described in section (2) of this rule is performed by a consultant hired by contract for the particular work, the charge payable by the licensee is the actual cost to the director of the contract consultant. Statutory/Other Authority: ORS 86A.321 Statutes/Other Implemented: ORS 86A.321 History: FSR 15-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0050 Rules for Use of an Assumed Business Name (1) In addition to any requirements for registering an assumed business name with the Secretary of State, a mortgage servicer who intends to use an assumed business name to identify the person’s mortgage servicer business shall also comply with the following before doing business under the assumed business name: (a) If the assumed business name contains words or phrases described in ORS 56.023, the mortgage servicer must obtain specific written approval from the director under ORS 705.635 and OAR 441-005-0010. (b) The mortgage servicer must list the name as an other trade name on the company’s MU1 in NMLS. (2) Regardless of the lack of any ownership interest in the assumed business name, the mortgage servicer is responsible for all actions of those acting under the assumed business name which relate to mortgage servicing. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.312 History: FSR 19-2018, minor correction filed 05/17/2018, effective 05/17/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018 FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018
441-890-0055 Financial Responsibility Criteria for Individuals (1) For purposes of this rule, an individual is not financially responsible if the individual has shown a disregard of his or her own financial circumstances, taking into consideration the totality of the individual’s financial circumstances. (2) Factors that the director may consider in determining whether an individual has not demonstrated financial responsibility include, but are not limited to, the following: (a) Current outstanding judgments or material litigation, excluding judgments solely as a result of medical expenses; (b) Current outstanding tax liens or other government liens and filings; (c) A foreclosure within the past three years and the type of property subject to foreclosure, whether residential or commercial; (d) Pending or completed bankruptcy proceedings, and the length of time between two or more bankruptcy filings; or (e) A pattern of seriously delinquent accounts within the past three years. (3) In assessing the financial responsibility of the individual, the director may consider extenuating or mitigating factors, including but not limited to the following: (a) Involuntary loss of job or income; (b) Involuntary medical expenses; (c) Divorce; (d) Attempting workout arrangements with creditors; or (e) Any other factor the director believes reflects circumstances beyond the control of the applicant. Statutory/Other Authority: ORS 86A.309 Statutes/Other Implemented: ORS 86A.309 History: FSR 16-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018
441-890-0060 Preexisting Duty to Service a Mortgage Loan The revocation, suspension, or failure to obtain and maintain a license does not impair or affect the servicer’s obligations under a preexisting lawful contract with a lender or borrower. Statutory/Other Authority: 2017 Or Laws ch 636 § 16 Statutes/Other Implemented: 2017 Or Laws ch 636 History: FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018
441-890-0065 Exempt Entities (1) A person need not obtain a mortgage servicer license under section (3)(1) of 2017 Or Laws ch 636 if the person: (a) Is an employee of a licensed mortgage servicer or an exempt entity acting within the scope of the person’s employment; (b) Owns the rights to service a mortgage loan but does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636, including having an ongoing contractual obligation to provide financial support to a subservicer ; (c) Is an escrow agent licensed by the Oregon Real Estate Agency operating a collection escrow but does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636; (d) Is a licensed money transmitter under ORS 717, conducting a money transmission at the borrower’s request, and does not otherwise service a residential mortgage loan as defined under section 2(12) of 2017 Or Laws ch 636; or (e) Is a nonprofit organization that: (A) Has been granted a tax-exempt status under section 501(c)(3) of the Internal Revenue Code of 1986, 26 U.S.C. § 501(c)(3); (B) Promotes affordable housing, affordable housing financing, or other similar services approved by the director; and (C) Has not violated a state or federal law and has not engaged in a course of dealing that is fraudulent, deceptive, or dishonest. (2)(a) A person qualifies for the exemption under section 3(2)(a) of 2017 Or Laws ch 636 for a particular calendar year if it, along with all affiliates in all operations within the United States, serviced fewer than 5,000 residential mortgage loans in the twelve month period preceding September 30th of the prior year. (b) If a person exceeds the threshold in the twelve months prior to September 30th of a given year, the person does not qualify for the exemption under section 3(2)(a) of 2017 Or Laws ch 636 for the following year and must comply with the licensing requirement under section 3 of 2017 Or Laws ch 636 beginning on January 1st of the following year. (c) A person that does not qualify for the exemption under section 3(2)(a) of 2017 Or Laws ch 636 for a given year but has serviced fewer than 5,000 loans for six consecutive months may apply to the director to surrender its license. The director may approve a licensee to surrender its license after finding that: (A) The licensee has an adequate business plan to operate below the 5,000 loan threshold for at least the next twelve months; (B) The licensee’s business plan adequately protects the interests of borrowers; and (C) Surrender of the license is otherwise in the public interest. Statutory/Other Authority: 2017 Or Laws ch 636 § 3 Statutes/Other Implemented: 2017 Or Laws ch 636 § 3 History: FSR 17-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018
441-890-0070 Disclosure of Consumer Complaint Submissions to Department of Consumer and Business Services (1) After March 31, 2021, each periodic mortgage statement and each notice sent to a borrower by a licensee or a person required to have a license under ORS 86A.303 to 86A.339, must include the following text: “Borrowers: The Oregon Division of Financial Regulation (DFR) oversees residential mortgage loan servicers who are responsible for servicing residential mortgage loans in connection with real property located in Oregon and persons required to have a license to service residential mortgage loans in this state. If you have questions regarding your residential mortgage loan, contact your servicer at ( servicer’s toll-free phone number and email, if applicable). To file a complaint about unlawful conduct by an Oregon licensee or a person required to have an Oregon license, call DFR at 888-877-4894 or visit dfr.oregon.gov .” (2) For purposes of this rule, a person “engages in residential mortgage servicing in this state” when any act constituting the business of a mortgage servicer and involving a residential mortgage loan originates from this state or is directed to and received in this state or when the real estate that is the subject of the activities of the mortgage servicer is located in Oregon. (3) The contact information for the residential mortgage loan servicer and the contact information for the Oregon Division of Financial Regulation must be printed in at least the same point type and be printed in at least 10-point font. Statutory/Other Authority: ORS 86A.324 Statutes/Other Implemented: ORS 86A.321(1) History: FSR 25-2020, amend filed 12/17/2020, effective 01/01/2021 FSR 14-2019, minor correction filed 07/15/2019, effective 07/15/2019 FSR 18-2018, minor correction filed 05/16/2018, effective 05/16/2018 FSR 3-2018, adopt filed 04/16/2018, effective 04/17/2018