As you’re probably aware by now, under the SAFE Act, mortgage loan originators need 20 hours of education. Oregon is one of many states that already required education, so the good news for Oregon loan originators is they have the opportunity to certify their hours.
Recap of what the Oregon certification process looks like: Loan originators must have completed at least 20 hours of MLEB-approved education prior to December 31, 2009 and they need to apply for an Oregon MLO license by May 31, 2010 (Important note: In order to apply for the MLO license, there are several other requirements that must be met and that’s just 10 days away. So if you haven’t gone through the checklist, do it now!).
The Oregon Division does not care if the MLEB education was entry level or CE, whether the hours were completed at one time or over several years, as long as the hours were completed prior to December 31, 2009.
Oregon has a list of loan originator names that appear to have completed MLEB-approved education and can be certified. Again, the person must still apply for their license by May 31, 2010.
Loan originators that are not on the list that think their name should be on the list can submit a copy of their education certificates (totaling at least 20 hours) to Kirsten Andersen at the state, prior to June 1, 2010. Her email is Kirsten.L.Anderson@state.or.us, or fax your certificates to her attention at 503-947-7862.
In early July, the Division will submit a complete list of MLOS to the NMLS for certification. If you are on the list, you will be notified by the NMLS and at that time you need to pay the NMLS fee in order for the certification to be officially effective. If you don’t do this step, the certification won’t be complete and you will have to take the 20 hours of NMLS education in order to get licensed.
In summary, certification allows you to get credit for education or testing done in the past that met certain qualifications. In order to make the certification effective, you are still responsible to take certain steps. Good luck! Give us a call if you have questions: 503-297-1344.