How to Get an Oklahoma Mortgage Broker License [2022 Guide]
To operate in the state, mortgage lenders in the state of Oklahoma must get a license from the Department of Consumer Credit. While the license is issued and regulated by the Department, the license application process is completed through the Nationwide Mortgage Licensing System (NMLS).
Under the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, a mortgage lender is defined as “an entity that takes an application for a residential mortgage loan, makes a residential mortgage loan or services a residential mortgage loan.”
If you want to operate as a mortgage lender in Oklahoma, here’s how to apply for a license!
Mortgage License Types in Oklahoma
Mortgage licenses in Oklahoma vary depending on whether you are applying for a company, branch, or individual license.
Company licenses include the mortgage lender and mortgage broker license. This guide will focus on the licensing process for mortgage lenders. Mortgage brokers must undergo the same process but are not required to post an Oklahoma mortgage lender bond.
Meet The Oklahoma Mortgage Lender License Requirements
The following are all the requirements you need to cover in order to get an Oklahoma mortgage broker or lender license.
Prior to applying for your license with the NMLS, you have to register your business with the Oklahoma Secretary of State.
You will later need to present formation documents and a certificate of good standing or certificate of authority, during the application with NMLS.
Along with the above, you will also need to post the following documents:
- Other trade name (if applicable)
- Financial statements
- Samples of documents which will be provided to borrowers during the loan process
A full list of the document samples you need to provide can be found in the mortgage lender license application checklist.
Provide a Surety Bond
Applicants for a mortgage lender license must post an Oklahoma mortgage lender bond. The amount of this bond must be $100,000.
To obtain this bond, you need to pay a small part of its total amount – this is called the bond premium.
Your bond premium is determined on the basis of your credit score and several other financial factors. The better your finances are, the easier and cheaper it will be for you to get bonded. Typically, if you have good finances, you can expect to get bonded at a rate between 0.5% and 5%.
Would you like to get a free quote on your Oklahoma mortgage lender bond? Simply complete the bond form below!
Credit Report and Criminal Background Check
As part of the application process, you will need to authorize a credit report and a criminal background check for individuals in positions of control. These include direct owners, indirect owners, and executive officers.
Complete the Oklahoma Mortgage Lender License Application
When you have assembled all of the above, you can complete and submit your mortgage lender license application through the NMLS website. The application includes several forms, such as company form MU1, and individual form MU2.
License and Registration Fees
The total licensing costs for the Oklahoma mortgage lender license amount to $1,760. This includes:
- $950 application fee
- $500 examination fee
- $200 license / registration fee
- $100 NMLS initial processing fee
- $10 Oklahoma Department of Consumer Credit Recovery Fund fee
You will also need to pay a $15 fee per authorized credit report as well as $36.25 per authorized criminal background check.
Within 60 days of the Department receiving your complete application and fees, you will be notified whether you have been approved. You will then receive your license.
Renewing Your Oklahoma Mortgage Lender License
Mortgage lender licenses are valid for one year, beginning January 1.
To renew your license, you need to submit all required renewal documents through NMLS by December 1 of each year.
Do you have any questions about getting a mortgage lender license or bond in Oklahoma? Call us at 877.514.5146 anytime!