Oregon > Secretary Of State > Blue Sky > Securities
Mortgage Lender Application Package 2773 - Oregon
| Mortgage Lender Application Package Form. This is a Oregon form and can be used in Securities Blue Sky Secretary Of State . |
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Oregon Department of Consumer & Business Services Division of Finance & Corporate Securities 350 Winter St. NE, Rm. 410, Salem, Oregon 97301-3881 Mailing address: P.O. Box 14480, Salem, OR 97309-0405 (503) 378-4140 ! Fax: (503) 947-7862 ! TTY: (503) 378-4100 http://dfcs.oregon.gov MORTGAGE LENDER LICENSE APPLICATION PACKET Please read instructions before completing application. CONTENTS: Application instructions Application checklist Application Mortgage Lender Surety Bond Establishment of Clients Trust Account Affidavit and Undertaking Notice of Clients Trust Account and Authorization to Examine Clients Trust Account INSTRUCTIONS MORTGAGE LENDER LICENSE APPLICATION (Form 440-2773) Copy this application form and keep it for renewals or amendments to your application. Please take the time to prepare a legible application. If we cannot read what you submit, the application will be returned and it is likely that we will review your books and records prior to approving your application. The licensing fee is $825 for the main office and $165 for each branch office. In addition, you must also pay an assessment fee of $60 for each reported loan originator to be employed by or associated with the firm to do business in this state. Applicants for an initial license are required to estimate the fee based on the number of loan originators they project will be associated with the firm in the first year. For renewals, the assessment fee will be based on the number of loan originators associated with the firm 60 days prior to the expiration date. A financial statement less than six months old also must accompany the licensing application. Section 1 Line 1: Enter the name of the corporation, partnership, LLC, or name of the owner if a sole proprietorship. Line 2: If you are doing business under an assumed business name, enter that name on line 2. You must also file the assumed business name with the Office of Secretary of State, Corporations Division. Both the name listed on line 1 and the name on line 2 must be on the surety bond exactly as they appear on the application form, and they must be exactly the same as that which is filed with the Corporations Division. Line 3: The principal office is where the business records are maintained and the owners or control persons conduct business, even if loan applications are not originated there. Line 4: If the mailing address is different from that of the principal office, enter it here. We cannot send all licenses to a central office; each branch office is mailed its own license. Line 5: Enter the phone and fax numbers for the company. Enter the toll-free number, if the company has one. Enter the e-mail address for the company. Line 6: The contact person is the individual responsible for responding to questions and complaints from consumers and regulators. Lines 7 and 8: Indicate the type of business formation and attach copies of documents filed with the state, such as articles of incorporation, assumed business name, etc. Instructions440-2773 (2/05/COM/WEB) Page 1 of 5 American LegalNet, Inc. www.USCourtForms.com<<<<<<<<<********>>>>>>>>>>>>> 2Application, continued from previous page Line 9: The Oregon agent for service of process is that entity designated to receive service of legal documents on behalf of the licensee. The agent must be in Oregon and may be an attorney or a corporation in the business of serving as agent for service of process. Be sure to indicate whether this is a new application, a renewal, addition of offices, or an amendment. You must amend your application within 30 days of the date of any significant change or at least 30 days prior to opening a new location. Any change to an item on this application is considered significant. Section 2 Type of lending activity: Check all the boxes that describe the business you are conducting. Licenses and approvals: Check the boxes for the jurisdictions in which you are licensed or approved by a regulatory authority to conduct a mortgage-lending business. Do not check a box if you have merely filed a foreign- corporation or assumed-business-name application with the secretary of state or other authority. Check boxes only if you have been issued a license or certificate by a regulatory authority. Litigation and disciplinary history : Complete this section for the licensed entity and have an officer, director, or owner sign on behalf of the firm. Be sure to amend this section within 30 days of an event that would initiate a yes response. Each event must be reported. Attach a brief description of the event or a copy of any pleadings filed against the firm. Section 3 The experienced person is that individual responsible for ensuring compliance with the rules and regulations of the State of Oregon. He or she must have negotiated and originated loans secured by a lien interest in real estate in three of the pastfive years. The experienced person may be an owner, officer, or director of the licensed entity. Employees who serve as experienced persons must be full-time employees and must not work on behalf of another mortgage lender. Complete a Section 5 Affiliated Person Information Form and attach a resume for the past five years. Be sure to show all employment and education and account for any periods not employed or attending school. Section 4 List each branch office from which Oregon transactions will be conducted. Do not list the primary location. Oregon transactions are solicitations and originations into the state from another state, from Oregon into another state, and any transaction in which a loan is secured by a lien interest in real estate located in Oregon. Do not list branch offices that donot conduct Oregon transactions. Copy the form or attach additional sheets if there are more than three branch offices. Section 5 Each owner of more than 10 percent of the company and each officer, director, contact person, branch manager, and/or experienced person must supply the information requested in Section 5. If the applicant is a public company, contact the Mortgage Lender Section to discuss which officers and directors should complete the form. If you do not account for 100 percent of ownership, attach an explanation (e.g., remaining owners own less than 10 percent.) Section 6 Supply the information requested in Section 6 for each of the companys loan originators. Copy as needed to list all persons originating Oregon residential mortgages. Corporate and assumed business name filings If
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