Download Oklahoma-Licensing Legislation
Download OK Response-RE SAFE Act ND Mortgage Broker or Mortgage Lender
Download Oklahoma-SAFE Act Legislation
Last summer the federal Safe and Fair Enforcement of Mortgage Licensing Act was passed that required each of the states to pass state legislation to implement the SAFE Act provisions:
OK's new legislatio:
[1] Implemented the SAFE Act provisions that Mortgage Loan Originators ("MLO"s) must be individually licensed, take at least a 20 hour course, an exam [National Portion and State Portion]
[2] Independent contractor Loan Processors and Loan Underwriters must be individually licensed as MLOs and the companies must get licensed as a Mortgage Broker
[3] The OK Supervised Lender License [formerly the 2nd mortgage lender license] no longer applies to mortgages so that the OK Mortgage Broker License is the only OK Mortgage License and will cover brokering and lending and 1st mortgages and 2nd mortgages
[4] The OK Mortgage Broker License eliminated its OK physical office requirement
[5] The OK Mortgage Broker License eliminated its HUD exemption
