With Oregon scheduled to begin accepting mortgage loan servicer license applications through the Nationwide Multistate Licensing System (“NMLS”) on November 1, 2017, we wanted to update our August 16, 2017 blog post for those who may be subject to the licensing requirements.
Temporary rules were issued on October 20, 2017 so that the licensing process can commence. Rules applicable to the non-licensing requirements of the new Oregon Mortgage Loan Servicer Practices Act (the “Servicer Act”), will be proposed later this year or early 2018, and will be incorporated with the temporary rules when the final servicer rules are issued.
Licensing Obligations Under the Servicer Act
The new Oregon Servicer Act provides for a dedicated mortgage loan servicer license, separate from the license as a mortgage banker or mortgage broker obtained under Oregon’s Mortgage Lender Law. Although the Oregon Servicer Act was effective upon Governor Katherine Brown’s signature on August 2nd, the legislation expressly provides that the Servicer Act will become operative on January 1, 2018, and that it will apply “to service transactions for residential mortgage loans that occur on or after [the] operative date.” Continue Reading Oregon Begins to License Residential Mortgage Loan Servicers