Does the state require a physical location within the state?
Licensed mortgage brokers must maintain a principal place of business in Oklahoma.

Is there individual loan officer licensing?
Yes.

What are lenders, brokers and loan officers called?
Oklahoma uses the terms mortgage banker, supervised lender, mortgage broker and mortgage loan originator.

What is the cost of a license? Surety bond? Are there net worth requirements?
Under the Oklahoma Mortgage Broker Licensure Act the application fee for a mortgage broker license is $750 and the initial and renewal license fees are $100 per year. The branch office fee is $50 per year. Mortgage bankers as defined by statute are exempt from mortgage broker licensing. The fee for mortgage loan originators is $50 per year. A fee of $10 will be charged for each change of sponsor listed on the license of a mortgage loan originator. Licenses are valid for a period of one year. Depending on the type of loans made, a supervised lenders license may be required if “supervised loans” are made. A supervised loan is defined as a consumer loan in which the rate of the loan finance charge exceeds 10 percent per annum. The definition of consumer loan includes junior-lien residential mortgage loans.

Is there a pre-licensing education requirement? Is there a test?
All mortgage broker applicants must take and pass a mortgage broker test. The fee for the test is $150.00. Applicants for a mortgage originator license must have 18 months of full-time experience as a mortgage loan originator or pass a mortgage loan originator exam.

Is there a CE requirement?
All licensed mortgage brokers and licensed mortgage loan originators must complete 16 hours of continuing education credits each year. (Note: Loan originators who work for supervised lenders do not have to complete continuing education).

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license)?
Mortgage bankers are exempt form mortgage broker licensing. A supervised lenders license may be required based on the type loans being made.

Are there any state specific high cost loan provisions?
The Oklahoma Home Ownership And Equity Protection Act became effective July 1, 2003. It amended existing mortgage loan broker licensing laws to provide for minimum education and experience requirements to qualify for the originator license and continuing education requirements to maintain the license. It also added a class of mortgage loans called "Subsection 10 mortgages". A Subsection 10 mortgage has the same points and fees thresholds as a federally defined Section 32 loan. The act places certain prohibitions and limitations on loan terms and additional early disclosure requirements on Subsection 10 mortgages.

Are there any state specific predatory lending laws?
See the high cost loan provisions.

Closing practices – attorney or title state? Wet or dry settlement?
Oklahoma is treated as a wet funding state by practice. There is no penalty for not delivering funds with closing documents, but closing may be delayed if funds are not delivered.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
The Mortgage Broker Licensure Act covers both first and second mortgages. A lender should check to see if a supervised lenders license would be required depending on the type loans made.

Who is the regulator and what is their contact information?
Department of Consumer Credit
4545 North Lincoln Boulevard
Suite 104
Oklahoma City, OK 73105
Phone: (405) 521-3653
www.okdocc.state.ok.us


DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.


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