Let’s take a quick look at Oregon and the test certification process. Mortgage loan originators in Oregon are required to take and pass an Oregon examination. The current test is administered by AMP and anyone that has already passed the AMP test will not need to take the test again. If you apply for an Oregon mortgage loan originator license by June 30, 2010, Oregon will certify that you’ve already met the state test requirements.
For those LOs that have never passed the AMP test, whether because they took the original test given by COMPUSA/Serebra or because they were grandfathered into the current testing requirements, they now need to pass the AMP test. Cost for the AMP test is $90.
This summer (June 14, 2010 is the expected date), the AMP test will be replaced by the NMLS Oregon test. Most people refer to it as the NMLS State Component. If you take the AMP test and get certified, you do not need to take the NMLS State Component.
In summary, Oregon has made it clear that in order to have the test certified, a loan originator must pass the AMP test and apply for an Oregon Mortgage loan originator license by June 30, 2010.
As for timing, in July, the Division will finalize the names of those to be certified. The list will be submitted to the NMLS for certification sometime after July 1, 2010 and those getting certified will be notified by the NMLS. From there, you will need to acknowledge the certification and pay the NMLS fee by November 30, 2010. If you don’t take this last step, you won’t get certified and thus would need to take the NMLS Oregon test. No sleeping on the job!!