I am a new loan originator and have submitted my licensing request to Oregon thru the NMLS and my company has submitted their sponsorship. When can I start originating loans?
Once the company that you work for confirms that you have completed 20 hours of pre-licensure education and have passed the Oregon state exam, the company may allow you to begin originating for the company. The company is required to report you as a loan originator to Oregon. Through July 31, 2010, companies are still required to notify Oregon about the hire or termination of a loan originator outside of the NMLS. This can be done through our previous internet system at www.oregonimla.org or using the paper forms found at http://www.oregondfcs.org/forms.html#mortgage. This is in addition to the loan originator submitting an application for a license and the company sponsoring that license application in the NMLS. Beginning on August 1, 2010, companies are no longer required to provide this notice outside of NMLS and Oregon will rely solely upon sponsorship in the NMLS.
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