Or. Admin. R. 441-880-0215

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-880-0215 - Oregon Examination For Mortgage Loan Originators

(1) Each applicant for a mortgage loan originator license must pass an entry-level examination approved by the National Mortgage Licensing System and Registry and an examination on Oregon statutes and rules approved by the director and the National Mortgage Licensing System and Registry prior to engaging in activities as an Oregon mortgage loan originator.

(a) A passing score on either examination described in section (1) of this rule is 75 percent or greater.

(b) A passing score on either examination described in section (1) of this rule is valid for 2 years from the date of passing the examination.

(2) An applicant that fails to pass an examination may retake the examination consistent with ORS 86A.215.

(3) Notwithstanding section (2), an applicant that knowingly acts in a dishonest or deceitful manner in connection with an examination required under this rule is considered to have engaged in an act, practice or course of business that operates or would operate as a fraud or deceit as used in ORS 86A.236(2). In addition to other remedies available, the director may refuse to issue the person a license as a mortgage loan originator.

Or. Admin. R. 441-880-0215

FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04; FCS 1-2007, f. & cert. ef. 1-17-07; Renumbered from 441-880-0020 by FCS 14-2009, f. 12-30-09, cert. ef. 1-4-10; FCS 4-2012, f. & cert. ef. 8-1-12

Stat. Auth.: ORS 86A.242

Stats. Implemented: ORS 86A.215