Who is exempt from the mortgage lending licensing requirements?
Mortgage bankers and brokers must be licensed. But not everyone who engages in mortgage banking and brokering has to be licensed. There are two main exceptions: • Those who are already regulated by a governmental or quasi-governmental agency. Typically these are banks or other depository institutions that are regulated by an agency such as the Office of Thrift Supervision or the Federal Deposit Insurance Corporation. It also could include a mortgage wholesaler that is a subsidiary of a bank or bank holding company. • Those who are performing mortgage banking or brokering incidental to something else. This means mortgage lending is not their primary professional activity. This could include a lawyer who occasionally engages in mortgage lending or an individual who sells his or her home and assists in the financing by taking a second mortgage. For a complete list of the exceptions to the mortgage lending licensing requirements, go to http://dfcs.oregon.gov/mortgage_lending.html#statrules
