Oklahoma Mortgage Education
EasyRealEstateSchool.com offers these Oklahoma mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have this license?
- Any individual, unless exempt, who makes residential mortgage loans to borrowers, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers, negotiates the terms of a residential mortgage loan or modifies the terms of an existing residential mortgage loan for an Oklahoma resident.
- Any individual, unless exempt, who for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application, or offers, negotiates the terms of a residential mortgage loan or modification of the terms of an existing residential mortgage loan for an Oklahoma resident.
Who does not need this license?
- A business entity that only performs real estate brokerage activities and is licensed in Oklahoma and is not compensated by a lender, broker or loan originator or their agent.
- A business entity solely involved in extensions of credit relating to timeshare plans.
- Oklahoma attorneys not principally engaged in the business of negotiating residential mortgage loans when the attorney renders services in the course of his practice as an attorney unless compensated by a lender, broker or loan originator.
- Federal or state-chartered banks, savings and loans, credit unions or trust companies or any wholly-owned subsidiary of a depository institution that is regulated by a Federal banking agency or an institution regulated by the Farm Credit Administration. This does not include bank or savings association holding companies or their non-depository subsidiaries. Employees of these entities will be required to obtain a mortgage loan originator license.
Pre-requisites for license applications
- Criminal background check
- Credit check
- Testing
- Education – 20 hours of pre-education
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Oklahoma State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 7/31/2010.
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.
- Credit Report – All licensees must authorize a credit report through NMLS by 7/31/2010.
Oklahoma Mortgage Education Requirements
- SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/1/2009 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees as of 6/30/2009 must complete 20 hours of NMLS approved pre-licensure education by 12/31/2009, unless the licensee completed at least 20 hours of state approved education prior to 8/1/2009. State approved courses will no longer be accepted after 8/1/2009.
- SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All licensees must take 8 hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Currently licensed MLOs who have completed at least 20 hours of OK state approved education on or before 8/1/2010 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensure education. Refer to your state agency for more information.
For more information about the actual course please visit Mortgage Education Course FAQ’s.