NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS)

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. This website provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, tutorials and much more.

Mortgage Brokers

STATUTES & RULES: Title 59 O.S. §§ 2095 - 2095.26 - Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

Oklahoma Administrative Code: Title 160, Chapter 55 (Click link and select "VIEW CODE", then Title 160 Department of Consumer Credit)

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 Association of Mortgage Brokers Website

How to use the services of a Mortgage Broker - for consumers of Oklahoma

Mortgage Lenders

STATUTES & RULES: Title 59 O.S. §§ 2095 - 2095.26 - Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

DESCRIPTION: A mortgage lender is an entity that takes an application for a residential mortgage loan, makes a residential mortgage loan or services a residential mortgage loan and is an approved or authorized mortgagee with direct endorsement underwriting authority granted by the United States Department of Housing and Urban Development, seller or servicer of the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, or issuer for the Government National Mortgage Association

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.

Please visit the NMLS Resource Center to download the applicable checklists for this license. Once on the NMLS Resource center homepage you will select State Licensing then Oklahoma to download the checklists.

Mortgage Loan Originator

STATUTES & RULES: Title 59 O.S. §§ 2095 - 2095.26 - Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act

Oklahoma Administrative Code: Title 160, Chapter 55

DESCRIPTION: A mortgage loan originator is any individual 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.

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.

Oklahoma Department of Consumer Credit
3613 NW 56th Street, Suite 240
Oklahoma City, Oklahoma 73112-4512
Phone: (405) 521-3653 | Fax: (405) 521-6740
In-state Consumer Hotline: (800) 448-4904