SECTION 160:55-3-1.1. Licensing requirements

(a)   Mortgage loan originator license. The requirements for obtaining a mortgage loan originator license consist of the following:

(1)   Application. The application shall be submitted through the NMLS&R Internet website. The Department's website shall include a link to the NMLS&R website.

(2)   Pre-licensing education. Twenty (20) hours of pre-licensing education are required. Pre-licensing education courses and providers are reviewed and approved by NMLS&R. Information regarding pre-licensing education, including, but not limited to, approved courses, providers and scheduling is available from NMLS&R.

(3)   Testing. An applicant is required to pass a qualified written test developed by the NMLS&R in accordance with the standards established under 59 O.S. § 2095.9. The test is administered by a test provider approved by the NMLS&R based upon reasonable standards. Information regarding the test is provided by NMLS&R, including but not limited to, approved testing providers, testing locations, study materials and test scheduling.

(4)   Background checks. Applicants are required to pass a background check. The background check consists of the following:

(A)   Fingerprints. An applicant is required to submit fingerprints to NMLS&R. Information regarding fingerprints is indicated on the NMLS&R website.

(B)   Applicants with felony convictions or pleas. Applicants with felony convictions or applicants that have pled guilty or nolo contendere to a felony shall submit a certified copy of the indictment or other official court document indicating the criminal charges against the applicant and a certified copy of the final judgment and sentence of the court. Whether a particular crime is classified as a felony is determined by the law of the domestic, military or foreign court in which the applicant was convicted or in which the applicant pled guilty or nolo contendere to the felony. Domestic court includes any state or federal court of the United States of America. State court includes the courts of any state, territory, district, commonwealth or possession of the United States of America.

(C)   Credit reports. An applicant is required to submit personal information to NMLS&R for the purpose of obtaining credit reports. The purpose of the credit reports is to determine the financial responsibility of an applicant.

(5)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

(6)   Fees. Payment of all required license fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.

(7)   Results. Test score results, verification of completion of pre-licensing education and background check information are submitted to the Administrator by NMLS&R. The Administrator reviews the information to determine if an applicant qualifies for licensure.

(b)   Mortgage broker license. The requirements for obtaining a mortgage broker license consist of the following:

(1)   Application. The application shall be submitted through the NMLS&R Internet website. The Department website shall include a link to the NMLS&R website.

(2)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

(3)   Designation of mortgage loan originator. An applicant shall designate a licensed mortgage loan originator to oversee the operations of the applicant. An individual designated to serve as the mortgage loan originator for a mortgage broker shall not serve as the designated mortgage loan originator for any other mortgage broker, mortgage lender or any branch office of the mortgage broker.

(4)   Officers, owners, directors and partners. The application shall list each officer, owner, director or partner of the applicant. An officer, owner, director or partner of the applicant shall not act as a mortgage loan originator as defined by the SAFE Act unless each officer, owner, director or partner is licensed as a mortgage loan originator. Each officer, owner, director or partner of the applicant is required to pass a background check. The applicant shall submit the following information for each officer, owner, director or partner to NMLS&R:

(A)   Fingerprints. Information regarding fingerprints is indicated on the NMLS&R website.

(B)   Felony convictions or pleas. Any officer, owner, director or partner of a mortgage broker applicant with a felony conviction or that has pled guilty or nolo contendere to a felony shall submit a certified copy of the indictment or other official court document indicating the criminal charges against the applicant and a certified copy of the final judgment and sentence of the court. Whether a particular crime is classified as a felony is determined by the law of the domestic, military or foreign court in which the officer, owner, director or partner was convicted or in which the officer, owner, director or partner pled guilty or nolo contendere to the felony. Domestic court includes any state or federal court of the United States of America. State court includes the courts of any state, territory, district, commonwealth or possession of the United States of America.

(C)   Credit reports. Each officer, owner, director or partner of a mortgage broker applicant is required to submit personal information to NMLS&R for purposes of obtaining credit reports for each officer, owner, director or partner of a mortgage broker applicant. The purpose of the credit reports is to determine the financial responsibility of each officer, owner, director or partner of a mortgage broker applicant.

(D)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

(5)   Fees. Payment of all required fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.

(c)   Mortgage broker branch office license. An applicant maintaining more than one location for the transaction of mortgage business shall obtain a branch office license for each location. The NMLS&R website provides information for obtaining branch office licenses.

(1)   Fees. Payment of all required license fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.

(2)   Designated loan originator. Each mortgage broker branch office shall designate a licensed mortgage loan originator to oversee the operations of the mortgage broker branch office. An individual shall not serve as the designated mortgage loan originator for more than one (1) branch office.

(3)   Results. The results of any information required for the application process are submitted to the Administrator by NMLS&R. The Administrator reviews the information to determine if an applicant qualifies for licensure.

(4)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

(d)   Mortgage lender license. The requirements for obtaining a mortgage lender license consist of the following:

(1)   Application. The application shall be submitted through the NMLS&R Internet website. The Department website shall include a link to the NMLS&R website.

(2)   Bond. The applicant shall file a One Hundred Thousand Dollar ($100,000.00) bond that satisfies the requirements of 59 O.S. § 2095.11.1. The bond shall also secure the faithful performance of all duties and responsibilities of any branch office of the mortgage lender.

(3)   Net worth. The applicant must have a minimum net worth of Twenty-Five Thousand Dollars ($25,000.00) that is verified as required by 59 O.S. § 2095.11.1.

(4)   Designation of mortgage loan originator. The applicant shall designate a licensed mortgage loan originator to oversee mortgage loan origination activities if the applicant engages in activity that satisfies the definition of a mortgage broker as defined by the SAFE Act. An individual designated as the mortgage loan originator for a mortgage lender shall not serve as the designated mortgage loan originator for any other mortgage lender, mortgage broker or any branch office of the mortgage lender.

(5)   Criminal background check. Officers, owners, directors and partners, as applicable, shall submit fingerprints through NMLS&R for purposes of obtaining a criminal background check. Any officer, owner, director or partner of a mortgage lender applicant with a felony conviction or that has pled guilty or nolo contendere to a felony crime shall submit a certified copy of the indictment or other official court document indicating the criminal charges against the applicant and a certified copy of the final judgment and sentence of the court. Whether a particular crime is classified as a felony is determined by the law of the domestic, military or foreign court in which the officer, owner, director or partner was convicted or in which the officer, owner, director or partner pled guilty or nolo contendere to the felony crime. Domestic court includes any state or federal court of the United States of America. State court includes the courts of any state, territory, district, commonwealth or possession of the United States of America.

(6)   Financial responsibility. Each officer, owner, director and partner, as applicable, must demonstrate financial responsibility. Each officer, owner, director and partner, as applicable, must submit personal information to NMLS&R for purposes of obtaining a credit report. The credit report will be utilized to determine the financial responsibility of each officer, owner, director and partner of the mortgage lender applicant, as applicable.

(7)   Fees. Payment of all required fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.

(8)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

(d)   Mortgage lender branch office license. A mortgage lender applicant that maintains more than one location for the transaction of business shall obtain a branch office license for each location. The requirements for obtaining a mortgage lender branch office license consist of the following:

(1)   Application. The application shall be submitted through the NMLS&R Internet website. The Department website shall include a link to the NMLS&R website.

(2)   Fees. Payment of all required fees shall be submitted through NMLS&R. Information regarding acceptable methods of payment is available on the NMLS&R website.

(3)   Designation of mortgage loan originator. The applicant shall designate a licensed mortgage loan originator to oversee mortgage loan origination activities if the applicant engages in activity that satisfies the definition of a mortgage broker as defined by the SAFE Act. An individual designated to serve as the mortgage loan originator for a mortgage lender branch office shall not serve as the designated mortgage loan originator for any other mortgage lender, mortgage broker or any branch office of the mortgage lender.

(4)   Additional information. The Administrator is authorized to require additional information from an applicant. Any additional information required by the Administrator shall be submitted to the Administrator. An applicant that fails to provide information as requested by the Administrator shall be deemed a withdrawal of the application.

[Source: Added at 16 Ok Reg 2170, eff 6-25-99; Amended at 20 Ok Reg 2750, eff 7-1-03 (emergency); Amended at 21 Ok Reg 2698, eff 7-12-04; Amended at 22 Ok Reg 9, eff 8-11-04 (emergency); Amended at 22 Ok Reg 2347, eff 7-11-05; Amended at 26 Ok Reg 2947, eff 6-22-09 (emergency); Amended at 27 Ok Reg 1763, eff 7-1-10; Amended at 31 Ok Reg 949, eff 9-12-14]