Oregon Mortgage License Bond
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What Is an Oregon Mortgage License Bond?
The Oregon Department of Consumer and Business Service (DCBS) requires all mortgage professionals to get a bond in order to be licensed. The bond protects the public if a mortgage professional breaches licensing laws or commits fraud.
How Much Do Oregon Mortgage Lender, Servicer and Loan Originator Bonds Cost?
Surety bond coverage for Oregon mortgage professionals is based on the loan volume from the previous year, ranging from $50,000 to $200,000 in coverage. Mortgage lender, servicer and loan originator bond premium rates start as low as 0.75% of the total bond amount for applicants with great credit. Exact prices vary. Select your bond below to get a free quote:
SuretyBonds.com works with the nation’s top surety providers to find the lowest pricing with no added fees. If low credit adversely impacts your rate, you may be eligible for premium financing.
How Do I Get a Mortgage Bond in Oregon?
You can get your Oregon mortgage bond quickly and easily with SuretyBonds.com. Just follow these four steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote within one business day (some bonds are available for instant purchase)
- Step 3: Pay online or over the phone
- Step 4: Receive your bond form instantly via email
Need to be bonded in multiple states? SuretyBonds.com is licensed to issue mortgage license bonds in all 50 states.
How Do Oregon Mortgage Professional Bonds Work?
An Oregon mortgage license bond is a legal agreement between three parties:
- Principal: The mortgage servicer, lender or loan originator filing the bond
- Surety: The surety company issuing the bond
- Obligee: The Oregon DCBS requiring the bond
These bonds require annual renewal. We’ll contact you during the renewal period to ensure you maintain active coverage. To cancel the bond, the principal or surety must send 30-day’s written notice to the obligee.
How Fast Can I Get My Bond?
Mortgage lenders, servicers and loan originators in Oregon can receive their bond immediately after purchasing. We’ll electronically file the bond with NMLS on your behalf. Apply now!
How to Become a Licensed Mortgage Professional in Oregon
Oregon separates mortgage professional licenses into three categories. The type of work you do will determine which license process to follow.
Mortgage Lender Licensing
Oregon mortgage lenders are responsible for helping consumers get residential mortgage loans, making loans and selling residential real estate. Here are the steps to apply for a license:
- Get a surety bond in the proper amount
- Complete the NMLS application form
- Upload supporting application materials to the NMLS
- Upload a Notice of Client’s Trust Fund Account or Affidavit of No Clients’ Trust Account
Mortgage Loan Originator (MLO) Licensing
MLOs are responsible for taking residential mortgage loan applications, fielding offers and negotiating loan terms. Here are the steps to follow to obtain a license:
- Complete 20 hours of pre-licensing education and pass the national test
- Get a surety bond in the proper amount
- Complete the application (Form MU4)
- Upload all application documents to the NMLS
- Pay the appropriate application fee
Mortgage Servicer Licensing
Mortgage servicers in Oregon are responsible for assessing fees and translating information to borrowers, setting up new loans, and handling mortgage payments. Due to the nature of work, Oregon has more detailed requirements for a mortgage servicer licensure. Find specific application instructions on the Oregon Division of Financial Regulation website.
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