Or. Admin. Code § 441-890-0005
Current through Register Vol. 64, No. 1, January 1, 2025
Section 441-890-0005 - Application RequirementsEach person applying for a mortgage servicer license shall submit to the director all the following required application materials and information:
(1) A completed Form MU1 submitted through the NMLS and approved by the director.(2) A completed Form MU2 submitted through the NMLS and approved by the director for any individual identified in OAR 441-890-0010.(3) Fingerprints and an authorization to conduct a criminal records check and obtain a credit report submitted through the NMLS from any individual that acts as a controller or manager for the mortgage servicer. Notwithstanding section 4(2)(A) of 2017 Or Laws ch 636, fingerprints need not be submitted for registered agents.(4)(a) A corporate surety bond submitted through the NMLS that meets specified terms calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035; or(b) An irrevocable letter of credit filed with the director through the NMLS that meets specified terms calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035.(5)(a) Financial statements prepared in accordance with generally accepted accounting principles, including a balance sheet and a statement of income or operations, dated not more than six months prior to submission of the application through the NMLS.(b) The financial statements may be prepared by the mortgage servicer, except that if the director finds it in the public interest, the director may require that a mortgage servicer submit financial statements prepared by an independent accountant.(c) If the financial statements are more than six months old, interim period financial statements prepared by the mortgage servicer for the period ending the last full month prior to the date of application shall also be submitted.(6) A statement with a detailed breakdown of the portfolio of mortgage loan servicing rights on a nationwide basis, as well as separately for Oregon. The information should reflect the composition of the portfolio based on mortgage servicing rights owned and aggregate number of loans and unpaid principal balance of all 1-4 family residential mortgage loans segregated by subservicer. The information provided should be as of the most recent quarter and reported in the form of an NMLS Mortgage Call Report.(7) The names and contact information of all subcontractors performing servicing activities on behalf of the mortgage servicer.(8) Biographical information required by OAR 441-890-0010 submitted through the NMLS.(9) The information required under OAR 441-890-0020 for each branch office submitted through the NMLS.(10) Payment of fees for application or renewal, as applicable, under OAR 441-890-0040, paid through the NMLS.Or. Admin. Code § 441-890-0005
FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018; FSR 10-2017, temporary adopt filed 10/23/2017, effective 10/23/2017 through 04/17/2018; FSR 3-2018, adopt filed 04/16/2018, effective4/17/2018; FSR 7-2018, minor correction filed 05/16/2018, effective 5/16/2018Statutory/Other Authority: ORS 86A.309
Statutes/Other Implemented: ORS 86A.309