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How much does an Oregon mortgage lender, servicer, or loan originator bond cost?
Oregon mortgage lender, servicer, and loan originator bonds are required by the Oregon Department of Consumer and Business Services. The bond amount starts at $50,000 for the initial licensing period, and the renewal bond amount is based on the volume of loans processed during the previous year. These bonds are subject to underwriting, so the cost applicants will pay is related to their credit history. Applicants with strong credit could pay just 1% of the required bond amount.
Fill out our online bond request form to connect with an Oregon mortgage lender bond expert. We can typically provide you with a free, no-obligation bond quote within just 1 business day of submitting an application.
Why do mortgage professionals need surety bonds?
Oregon mortgage license bonds protect consumers from financial harm due to a mortgage professional’s failure to abide by all applicable rules and regulations. By obtaining a mortgage license bond, mortgage professionals must adhere to all of the provisions stated in the Oregon Revised Statutes, Chapter 86A.
If you’re ready to get bonded, apply for a free bond quote now!
Can mortgage license bonds be canceled?
Oregon mortgage license bonds are continuous until canceled and must be renewed annually for as long as the license remains active. The bond does allow for cancellation by the surety, but 30 days’ written notice must be given to the Oregon Department of Consumer and Business Services Division of Finance and Corporate Securities.
How to get licensed as a mortgage professional in Oregon
The process of getting a license as a mortgage professional in Oregon depends on the type of license for which an applicant is applying.
Mortgage lenders must submit a surety bond in the proper amount, complete the application found on the NMLS website, and upload with their application materials either a Notice of Clients’ Trust Fund Account or an Affidavit and Undertaking - No Clients’ Trust Account, depending on whether they accept refundable funds prior to close of escrow.
To receive a mortgage loan originator license in Oregon, applicants must complete 20 hours of pre-licensing education and pass a national test that also includes uniform state content. They are also required to purchase a surety bond in the proper amount. An application (Form MU4) must be completed and uploaded to NMLS and the applicant must submit to a background check via fingerprints. An application fee of $110 must also be paid before a license will be granted.
Due to the nature of the work they perform, mortgage servicers have far more stringent licensing requirements. Like lenders and originators, servicers must also submit an application and surety bond via the NMLS. For a complete list of licensing requirements for Oregon mortgage servicers, please visit the Oregon Department of Consumer and Business Services website.
Apply today for a free bond quote! Our team of surety specialists works hard to get all applicants bonded quickly, easily and accurately.
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.