What is an experienced person and do I need one?
Every licensed mortgage lender must have an experienced person. An experienced person is an individual in your company who is responsible for ensuring compliance with the Oregon mortgage lending statutes, rules, and policies. Your experienced person must be an owner, officer, director, or full-time W-2 employee who does not work for any other licensed mortgage lender. He or she must have three years experience negotiating or originating residential real estate loans within the past five years. An individual may be able to apply experience in other fields to the three-year requirement. For more information on equivalent and related experience, go to http://dfcs.oregon.gov/mortgage_lending.html#statrules and click on the rule for licensing. If your experienced person changes, you must notify the Oregon Division of Finance and Corporate Securities within three working days as well as comply with other requirements. For specific requirements, go to http://dfcs.oregon.gov/mortgage_lending.h
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