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~Attention Mortgage Lenders,Brokers & Originators~
NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS)
With the passing of Senate Bill No. 1062, the Department of Consumer Credit will soon become part of the Nationwide Mortgage Licensing System (NMLS) beginning August 3rd, 2009. NMLS is a collaborative effort among state regulators to bring greater efficiency and accountability to the supervision of the mortgage industry.
Any company or individual in the mortgage industry may be required to become a part of this system. The Department has sent out letters to all mortgage brokers, lenders and those now holding an exemption with the State of Oklahoma providing further details. You can obtain more information regarding the licensing process in Oklahoma through the NMLS website.
The NMLS website (www.stateregulatoryregistry.org/nmls) provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, tutorials and much more.
The Department of Consumer Credit is no longer accepting applications in paper form and any entity or individual wishing to apply for a license will now need to submit the application through NMLS.
Please watch this page for further updates as we begin this process.
STATUTES & RULES: Oklahoma Statutes: Title 59, Chapter 46C § 2081-2093 (Click "next section" on each page to advance)
DESCRIPTION: A mortgage broker/lender is any entity who, for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers, negotiates or modifies the terms of a residential mortgage loan.
TIME FRAME TO ISSUE: The approval process allows this license to be issued within 60 days after we receive the complete application and all fees.
LICENSING PERIOD: This license is valid for one year, beginning on January 1st
LICENSING RENEWAL: This license may be renewed by submitting renewal documentation through NMLS before December 1st of each year.
RESPONSIBILITIES: All Mortgage Brokers are responsible for making sure that all loan originators employed are licensed.
Oklahoma Department of Consumer Credit
State of Oklahoma
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