Oklahoma Mortgage Loan Originator License

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.

Oklahoma Mortgage Loan Originator License

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 Mortgage Loan Originator License

 


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.

Oklahoma Mortgage Loan Originator License