net branch » Opportunity » Oregon
Mortgage Net Branch Oregon
Does Oregon require a mortgage net branch operation to be licensed and receive continuing education after initial Licensing?
Yes (as of this writing). In order to be eligible to renew your net branch license in Oregon, you must receive six hours of continuing education each year. It goes without saying that the continuing education must meet state licensing requirements for your branch operation.
Oregon also has a few other requirements for mortgage branches, and one of these applies to both the broker and any mortgage net branch in OR. This is in the area of the surety bond.
A person applying for or renewing a mortgage broker branch or lender license must post an initial surety bond typically around $25,000. In addition, each additional Oregon net branch will require a, approximate, $5000 surety bond posted on it. This means that the funds required to purchase surety bonds in these amounts must be available.
You must also have had three years of experience to own and manage an mortgage net branch and that three years' experience must have come in the last five years. If you have a huge gap in your mortgage experience, this may be a hindrance to you getting a branch license.
Oregon also requires a state application of $825 approx. These fees are usually non-refundable.
Oregon still offers mortgage brokers wishing to conduct mortgage business in the state some advantages, however. For instance, a mortgage broker does not have to have a physical location in the State of Oregon provided other requirement are met and as long as he holds a current, valid broker's license in his home state. At this time, it is permissible to operate a mortgage net branch in OR.