4 Hour OR SAFE: Oregon State Law

By the end of this course, learners will be able to:

• Describe when a company may allow an MLO to originate Oregon Loans
• Explain Oregon’s restriction on originating for more than one mortgage banker/broker
• Recognize the licensee’s obligation for keeping the NMLS records up-to-date and responding to deficiencies timely
• Know the requirement to keep copies of correspondence with applicants
• Discuss the use of assumed business names as set forth in OAR 441-860-0025
• Know Oregon’s definition for a Residential Mortgage Loan and how it differs from TILA
• Identify the disclosures that are required to be provided in a language other than English 
• Describe the limitations on negative amortization loans
• Discuss Oregon’s rate lock disclosure form
• Know that the MLO is required to sign initial and final loan applications
• Explain the requirements for the handling of client funds, including determining when funds are considered trust funds, refund of funds, as well as the manner of deposits and disbursement of trust funds
• Discuss the special disclosure required for reverse mortgage loans
• Demonstrate the advertisement requirements and prohibitions
• Explain the definition of dishonest, fraudulent, unfair, and unethical practices and prohibited activities for loan originators 
• Identify the limitations on the use of certification or professional designations for mortgage loan originators included in OAR 441-870-0081
• Know that providing financial advices related to a security, such as advice to take a loan against a retirement account for a down payment, requires additional licensure as a broker-dealer or investment advisor representative
• Discuss what is considered a prohibited practice under OR law
• Relate the potential disciplinary action that could be taken for a violation
• Understand the disciplinary action procedures under OR law
• Discuss civil and criminal liability for violations of OR law