Oklahoma Administrative Code › Title 160 - Department of Consumer Credit › Chapter 55 - Mortgage Brokers and Mortgage Loan Originators › Subchapter 3 - Licensing › Section 160:55-3-1.1 - Licensing requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Mortgage loan originator license.
The requirements for obtaining a mortgage loan originator license consist of the following:
(1)
Application.
The application shall be submitted through the NMLS&R Internet website. The Department's website shall include a link to the NMLS&R website.
(2)
Pre-licensing education.
Twenty (20) hours of pre-licensing education are required. Pre-licensing education courses and providers are reviewed and approved by NMLS&R. Information regarding pre-licensing education, including, but not limited to, approved courses, providers and scheduling is available from NMLS&R.
(3)
Testing.
An applicant is required to pass a qualified written test developed by the NMLS&R in accordance with the standards established under 59 O.S. §
										2095.9. The test is administered by a test provider approved by the NMLS&R based upon reasonable standards. Information regarding the test is provided by NMLS&R, including but not limited to, approved testing providers, testing locations, study materials and test scheduling.
(4)
Background checks.
Applicants are required to pass a background check. The background check consists of the following:
(A)
Fingerprints.
An applicant is required to submit fingerprints to NMLS&R. Information regarding fingerprints is indicated on the NMLS&R website.
(B)
Applicants with felony convictions or pleas.
Applicants with felony convictions or applicants that have pled guilty or nolo contendere to a felony shall submit a certified copy of the indictment or other official court document indicating the criminal charges against the applicant and a certified copy of the final judgment and sentence of the court. Whether a particular crime is classified as a felony is determined by the law of the domestic, military or foreign court in which the applicant was convicted or in which the applicant pled guilty or nolo contendere to the felony. Domestic court includes any state or federal court of the United States of America. State court includes the courts of any state, territory, district, commonwealth or possession of the United States of America.
(C)
Credit reports.
An applicant is required to submit personal information to NMLS&R for the purpose of obtaining credit reports. The purpose of the credit reports is to determine the financial responsibility of an applicant.
(5)
Additional information.
The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.
(6)
Fees.
Payment of all required license fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.
(7)
Results.
Test score results, verification of completion of pre-licensing education and background check information are submitted to the Administrator by NMLS&R. The Administrator reviews the information to determine if an applicant qualifies for licensure.