Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 890 - LICENSING OF MORTGAGE SERVICERS
Section 441-890-0025 - Renewal of Mortgage Servicer License

Universal Citation: OR Admin Rules 441-890-0025

Current through Register Vol. 63, No. 9, September 1, 2024

(1) A mortgage servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage servicer license, the mortgage servicer shall submit a renewal request for the license to the director through the NMLS and shall:

(a) Complete a renewal request with an attestation that the records are true and accurate; and

(b) Pay any applicable renewal fees prescribed under OAR 441-890-0040.

(2) A mortgage servicer seeking to renew its license shall each calendar year:

(a) Submit, or confirm, through the NMLS a corporate surety bond meeting specified terms and calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035; or

(b) File or have on file with the director an irrevocable letter of credit which meets specified terms calculated using the appropriate loan volume amounts under OAR 441-890-0035.

(3) If a mortgage servicer submits an application for renewal which is incomplete in any respect, the director shall notify the mortgage servicer of the deficiencies on the application. The mortgage servicer shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs last, to complete the application for renewal. If the mortgage servicer fails to complete the application for renewal, and the license shall be terminated on the expiration date by reason of failure to renew.

Statutory/Other Authority: ORS 86A.309

Statutes/Other Implemented: ORS 86A.309

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.