~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.

MUST READ... Important Information for all

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STATUTE: Oklahoma Statutes: Title 14A § 1-101 (Click "next section" on each page to advance)
Oklahoma Administrative Code: Title 160, Chapters 1,3,5,10,20,25,45,65

DESCRIPTION: This license allows a lender, as a business, to make or take assignment of supervised loans from other Consumer Credit organizations.

TIME FRAME TO ISSUE: The approval process for this license requires up to 90 days to complete.

FEES: The fees for this license include a $225.00 one-time investigation fee, a $190.00 license fee ($95.00. if issued between July 1st & October 15th) and a $300.00 examination fee of books and records for a total of $715.00. ($620.00 if issued between July 1st & October 15th)

LICENSING PERIOD: This license is valid for one year, beginning on January 1^st.

LICENSING RENEWAL: This license may be renewed by submitting documentation by December 1^st each year.

PREREQUISITES: The business must have a $5,000 surety bond, and a financial statement showing net assets of at least $25,000.

Dollar Change Rules (July 1, 2009) **No Changes for 2009**

3-508B Rates / Refunds Chart (July 1, 2009) **No Changes for 2009**

Oklahoma Department of Consumer Credit
4545 North Lincoln Boulevard, Suite 164
Oklahoma City, Oklahoma 73105-3403
Phone: (405) 521-3653 | Fax: (405) 521-6740
In-state Consumer Hotline: (800) 448-4904