Or. Admin. Code § 441-890-0025 - Renewal of Mortgage Servicer License

(1) A mortgage servicer license shall expire on December 31 of each calendar year. At least 30 days prior to the expiration of a mortgage servicer license, the mortgage servicer shall submit a renewal request for the license to the director through the NMLS and shall:

(a) Complete a renewal request with an attestation that the records are true and accurate; and

(b) Pay any applicable renewal fees prescribed under OAR 441-890-0040.

(2) A mortgage servicer seeking to renew its license shall each calendar year:

(a) Submit, or confirm, through the NMLS a corporate surety bond meeting specified terms and calculated using the appropriate loan servicing volume amounts under OAR 441-890-0035; or

(b) File or have on file with the director an irrevocable letter of credit which meets specified terms calculated using the appropriate loan volume amounts under OAR 441-890-0035.

(3) If a mortgage servicer submits an application for renewal which is incomplete in any respect, the director shall notify the mortgage servicer of the deficiencies on the application. The mortgage servicer shall have 30 days from the date of the notice or the end of the renewal period, whichever occurs last, to complete the application for renewal. If the mortgage servicer fails to complete the application for renewal, and the license shall be terminated on the expiration date by reason of failure to renew.

Notes

Or. Admin. Code § 441-890-0025

FSR 9-2017, temporary adopt filed 10/20/2017, effective 10/20/2017 through 04/17/2018; FSR 3-2018, adopt filed 04/16/2018, effective 4/17/2018; FSR 11-2018, minor correction filed 05/16/2018, effective 5/16/2018

Statutory/Other Authority: ORS 86A.309

Statutes/Other Implemented: ORS 86A.309