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Oklahoma's State Contact Information

Department of Consumer Credit
4545 North Lincoln Boulevard
Suite 104
Oklahoma City, OK 73105-3408
Ph: (405) 521-3653
Fax: (405) 521-6740

Oklahoma's State Licensing Information

Mortgage Broker and Loan Officer Licensing Requirements

Oklahoma: Effective 7/1/03, OK mtg brokers must have a physical office in OK, have 3 years of experience in last 5 years or take a course AND take and pass a written exam; LOAN OFFICERS MUST BE LICENSED, have 18 months of experience AND take and pass a written exam; BEWARE OF LOSS OF HUD EXEMPTION BECAUSE EXEMPTION APPLIES ONLY IF YOU DO HUD LOANS EXCLUSIVELY [WHICH NO ONE DOES].

Click here for State of Oklahoma Background Check Information and Forms

  1. Oklahoma Continuing education requirements.
    1. Credit hours.
      1. All mortgage brokers shall complete sixteen (16) credit hours of continuing education before license renewal or reactivation. [ 59:2093(A) ] Courses taken in excess of the required hours shall not carry forward.
      2. A minimum of seven (7) of the sixteen (16) credit hours shall consist of:
        1. one (1) credit hour covering the Real Estate Settlement Procedures Act;
        2. one (1) credit hour covering the Truth In Lending Act;
        3. one (1) credit hour covering federal laws related to fair lending - the Equal Credit Opportunity Act, the Fair Housing Act and the Home Mortgage Disclosure Act; and
        4. four (4) credit hours covering ethics. [ 59:2093(A) ]
      3. Courses must be of a meaningful nature and shall not include items such as prospecting, motivation, sales techniques, psychology, recruiting, time management, phone etiquette, and subjects not relating to the mortgage broker's license. Courses conducted in conjunction with other meetings must have a separate continuing education course component; the method to monitor attendance must be stated and approved by the Administrator.
    2. Correspondence and video courses.
      1. Correspondence courses. A mortgage broker who completes an approved course by correspondence and provides satisfactory proof of completion will receive credit for the number of hours assigned for the course.
      2. Video courses. In order for a mortgage broker to receive credit for viewing an approved course presented by video, the mortgage broker must view the video under the supervision of a contact person with the provider and swear by affidavit that the video was viewed in its entirety. The affidavit must also be signed by the supervising contact person.
    3. Credit for instructors. An instructor who is a mortgage broker shall receive the same continuing education credit for presenting approved course materials as a mortgage broker who attends an approved classroom instructional session.
    4. Certificates of course completion required for license renewal or reactivation. Each mortgage broker shall attach an education verification form and certificates of course completion for the required number of credit hours to the renewal or reactivation application. [ 59:2093(A) ]
    5. Repeating courses. A mortgage broker may repeat a course before renewal, if the maximum credits designated for the course were not attained in the first attempt. By repeating the course, the mortgage broker may not earn more than the maximum credits designated for the course. A mortgage broker may repeat a course after two (2) license renewal dates have elapsed and receive the maximum credits designated for the course.
    6. Exceptions. The requirements for continuing education in this section shall not apply to:
      1. a mortgage broker whose license is on inactive status; or,
      2. a non-resident mortgage broker who is licensed in a state having continuing education requirements and the mortgage broker meets all the requirements of that state. The non-resident mortgage broker shall be responsible for providing satisfactory proof of compliance with the other state's requirements. [ 59:2093(E) ]
    7. Extensions. For good cause shown, the Administrator may grant an extension of time during which the continuing education requirements may be completed. The extension shall not exceed twelve (12) months. The extension will not alter the requirements or due date of the succeeding renewal. "Good cause" includes disability, natural disaster, or other extenuating circumstances. Each request for extension of time shall be in writing from the mortgage broker and shall include details and any documentation to support the request. Each request must be received by the Administrator no less than thirty (30) days before renewal.
  2. Approval of continuing education courses.
    1. Information required. Each provider shall apply for approval of each course. All providers, including publicly funded educational institutions, shall provide:
      1. Name and address of the provider.
      2. Contact person and his or her address and telephone number(s).
      3. The location of the course, unless it is an individual study or correspondence course.
      4. The number of CEC hours requested for each course. Courses must consist of a minimum of one (1) credit hour.
      5. Subject outlines which list the summarized subjects covered in each course and a copy of any course materials.

• i. If a classroom course, a timed outline including any breaks.

• ii. If a correspondence course, a copy of text or table of contents with page numbers.

      1. The names and qualification of instructors. An instructor shall have one (1) of the following qualifications:

• . Three (3) years of recent experience in the subject area being taught; or

• i. A degree related to the subject area being taught; or

• ii. Two (2) years of recent experience in the subject area being taught and twelve (12) hours of college and/or vocational technical school credit hours in the subject area being taught.

    1. Application deadline for course approval. At least thirty (30) days prior to the course date, the provider shall apply to the Administrator for course approval. The Administrator shall grant or deny approval in writing based upon information submitted regarding each course. The Administrator will assign the number of CEC hours awarded for an approved course. Each course approval shall be valid for a period of twelve (12) months. Course materials must be resubmitted at the time of expiration.
    2. Withheld or withdrawn approval. The Administrator may withhold or withdraw approval for any course for non-compliance with any provision of this section. This withdrawal will not affect any CEC hours attained under the course previous to the withdrawal.
    3. List of approved courses. A list of approved courses shall be available from the Administrator. [ 59:2093(C) ]
    4. Certificate of Course Completion. At the completion of each course, the provider shall provide each mortgage broker with a "Certificate of Course Completion" form.
    5. List of mortgage brokers completing course to Administrator. At the completion of each course, the provider shall provide the Administrator a list of all mortgage brokers who completed the course. This list shall reflect the mortgage broker's name and license number.
    6. Course records. Providers shall maintain course records for at least seven (7) years.

 

OKLAHOMA FAQ's

What is the due date for license renewal, and what needs to be turned in?
Answer: The license renewal notice, along with a fee of $100 for mortgage brokers, $50 for mortgage broker branches, and $50 for mortgage loan originators needs to be turned in by December 1st, and attached to the mortgage broker and mortgage loan originator renewal notice (not the branches) also should be a copy of the completion certificate(s) for Continuing Ed credits completed.

NOTE: There is a grace period between December 1 and December 31, but licensees are considered 'delinquent' by December 15, and will be mailed a 'delinquent notice' --- mortgage brokers who have not renewed by December 31 will be fined $25 a day from January 1 to January 31 and are not supposed to conduct any broker business during that time, as their licenses are considered to be suspended --- brokers who have not renewed by February 1 will have their licenses expired, and will need to re-apply all over again in order to conduct business as a broker.

**Loan Originators who do not get their licenses renewed in a timely manner are not fined or penalized, however, the re-issuance of their license can become a very slow, painful process when it is procrastinated into late December --- the agency is very busy at this time and the licensees may have a very slow turnaround time on getting their new license for 2008.** This same problem applies to late Mortgage Brokers also, in addition to the fines.

What happens to an individual (natural person) after July 31, 2007, who is currently licensed as a mortgage originator? In order to continue in business as a licensed mortgage originator, that individual would have to form a business entity, e.g. incorporate, meet the net worth/surety bond requirements and have his/her application approved by the October 30 renewal date. Another option would be for the individual to go to work for a licensed entity.

What topics and how many credits of each should be completed?
Answer: For both brokers and loan originators, it is the same:

1 credit -ECOA, Fair Lending OR HMDA --- (just one of these) --- 1-hour equivalent
1 credit -RESPA (Real Estate Settlement Procedures Act) --- same
1 credit -TILA (Truth In Lending Act) --- same
4 credits -Ethics (pertaining to broker and loan originatoractivities) - 4 hours
9 credits - General topics (pertaining to broker and loan originator activities and business)
TOTAL: 16 credits / hours --- completion certificates must reflect this many and types of credits

What if I take:
4-ECOA
4-RESPA
3-TILA
4-Ethics
1-General -----?
Answer: The credits above add up to 16, and the core requirements are met - so any extra core requirements are applied to the "general" category --- so all is well J

Repeat classes: Some of the language has me confused on courses. Can I take the same class this year that I took last year to earn my credits? ie, So-and-So Mortgage University 2 years in a row? Answer: - Yes it is generally OK to take the same classes, because the education providers have all changed the content of the courses to some extent. If you have ay doubts, check with meJ

2007 new licensee: If a Broker has a new originator that received their initial license this year, do they have Continuing Ed requirements this year or is it just next year.
Answer: -Yes, new loan originators licensed this year (up until late October, when license renewal begins) have an obligation to complete the same number and type of credits as the mortgage brokers, with a deadline of December 1, 2007. --- **Any Loan Originator who completed CE after July 1, 2006 can use those credits for 2007-2008 license renewal.**

FAQ: 2007 new licensee: If a Broker has a new originator that received their initial license this year, do they have Continuing Ed requirements this year or is it just next year.
Answer: -Yes, new loan originators licensed this year (up until late October, when license renewal begins) have an obligation to complete the same number and type of credits as the mortgage brokers, with a deadline of December 1, 2007. --- **Any Loan Originator who completed CE after July 1, 2006 can use those credits for 2007-2008 license renewal.**

If this answer is yes, then that opens up another question. If a Broker is considering hiring another originator that will probably start in Oct. so would that originator still have CE requirements.

Answer: --- The cutoff date, (when we begin to issue 2008 instead of 2007 licenses, is decided each year based on what day this Dept. sends out the license renewal notices --- it needs to be a weekday (probably will be one of the days in the week of Oct. 15-19) ----

Since we have some 5,000 licensees on average, it is hard to say exactly which day until we are closer --- Licensing decides this in October.

-------*So, if a new loan originator (or broker) got licensed any day before the cutoff date, that person would be obligated to complete the CE and respond to a license renewal notice which would automatically be sent out to his/her broker.

-------*However, if the person is able to wait until after the cutoff date to become fully licensed, then he/she would be issued a 2008 license, with no obligation to complete CE until the fall of 2008. (we actually advise people to wait if they can, starting Oct. 1 or so)

-- Under any one mortgage broker license, as in MB000645, only one person needs to take the CE --- and that person has to be an officer of the company.

Then, ALL licensed mortgage loan originators (who work for the brokers, who are active status) also need to take their CE for license renewal.

Each licensee is responsible to get their own CE's, and get their own certificates of completion, and present copies of those certificates along with their license renewal notice to this Dept. by Dec. 1st. There is a grace period from Dec. 1st to Dec. 31st, but they are considered late, although there is no fine (yet)

--- After Dec. 31st, licensed mortgage brokers who have not yet complied with all license renewal requirements are fined $25 per day from January 1 to Jan. 31. After Jan. 31, on Feb. 1, mortgage broker licenses are automatically expired. But loan originators are not fined - although they, too, are expired on Feb 1 if we have not received anything from them by then.

 

 

 

 

 
 

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