How to Become a Loan Officer

In Oregon

How to Become a Loan Officer in Oregon

Are you looking for updated information on how to become a loan officer in Oregon? You’ve come to the right place. 

This step-by-step guide reveals everything you need to know about securing a Mortgage Loan Originator (MLO) license in the state of Oregon. 

We’ll walk you through the training process, examinations, and general criteria that could render you ineligible. 

You’re a short read away from embracing your dream career. 

Training

To begin your journey to becoming an Oregon loan officer, you must first examine the licensing requirements. 

Just as with any other state, prospective Oregon loan officers must apply through the Nationwide Mortgage Licensing System (NMLS). 

Loan Officer Licensing

Visit the NMLS website to create an account.

You will need to create your NMLS account, a process that should take you no more than a few minutes.

Licensed mortgage loan officers usually go through 20 hours of pre-licensing education. 

This will take you through a comprehensive program that must include three hours of federal law training, three hours of ethics training, and four hours of Oregon state law for those who are NMLS certified in another state. 

After you acquire your MLO license, you will have to fulfill an additional 10 hours of continuing education every year in order to retain your license. 

Loan Officer Training Courses

There are several loan officer training courses to choose from. Let’s go through the top 3.

Mortgage Educators Loan Officer School

Mortgage Educators is an online school and they are an NMLS approved course provider.

Their course are a bit dated, but the material is solid. They probably should update their software and videos to be a bit more modern.

You can check out their reviews here: Yelp Reviews

Loan Officer School

Loan officer school is an online only loan officer education school. They have some good reviews on record, but they also have some complaints on the Better Business Bureaus website.

OnlineEd Loan Officer School

Online Ed is a solid training course and seems to respond well to customer complaints.

They have some negative reviews out there, but also some good recommendations.

Examination 

This section goes over the educational criteria on how to become a loan officer in Oregon. 

Following your pre-licensing training, you have to take one of two tests through your NMLS account;

The National Test Component

This will test your knowledge of federal mortgage regulations, ethical conduct, and MLO activities.

OR

The National Test Component With Uniform State Content

Apart from the above, this also tests your knowledge of Oregon state law, licensing laws and compliance standards. 

Note: The Uniform State Content portion of the exam isn’t a requirement to become MLO-certified in Oregon.

You may also be asked to fulfill other testing requirements as deemed necessary by the Oregon Division of Financial Regulation (OR DFR).

Employment

After completing the pre-licensing requirements and attaining passing scores on the examination, you will be able to submit an application for an MLO license on the NMLS website. 

Complete the series of on-screen prompts and finalize your application. 

To receive your Mortgage Loan Originator certification, processing fees, and certain documentation like your credit report, OR application, and FBI CBC (criminal record check) will be asked of you. 

The final step is to secure employment. To achieve your MLO license status, you must get sponsored by a licensed employer. 

This sponsorship has to be submitted through your NMLS ID. 

Sponsorship tells the government that the activities conducted under your license are monitored.

And with that, you are now ready to do business as a licensed loan officer in the state of Oregon. 

Factors That Render You Ineligible to Become a Loan Officer 

Loan originator licenses will not be approved in the following scenarios:

  • If the applicant has been found guilty on felony charges in the last seven year period, or has been found guilty at any point in time for felonies that involve money laundering, acts of fraud, dishonesty or breach of trust. 
  • If the applicant has had their mortgage license withdrawn in any state.
  • If the applicant has been deemed fiscally irresponsible. Previous history with filing for bankruptcy, unpaid liens, foreclosures and such will be reviewed.

Final Thoughts

Most of your questions about how to become a loan officer in Oregon should now be answered. 

With this information in hand, you are ready to embark on your journey to becoming a certified MLO in The Beaver State!

Yes, the process does take some time. 

Rest assured, with a little commitment and dedication, you can emerge from your training with flying colors. 

Check out Oregon’s official MLO website to learn more:

https://dfr.oregon.gov

Get In Touch

Office Address

777 E 4500 S Ste 220
Salt Lake City, UT 84107

Phone: (801) 846-8243

Email: info@vintagelending.com