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STATE OF OKLAHOMA
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Is a license required? |
Yes, loan modification services must be licensed as if they were mortgage brokers. 1062-Section 3-12-a states that a mortgage broker means “an entity who for compensation or gain or in the expectation of compensation or gain: (1) takes a residential mortgage loan application, or (2) offers, negotiates or modifies the terms of a residential mortgage loan.” |
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State
specific loan modification law? |
Senate Bill 1082(Attached as Schedule A) was passed and treats loan modification services as if they were mortgage brokers. |
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Advantage
of becoming a licensed Mortgage Broker? |
Licensing as if a mortgage broker is mandatory. 1082 Section6-A-1 states that “An entity or individual, unless specifically exempted from the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, as provided in Section 4 of this act shall not engage in the business of a mortgage broker or mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this act.” |
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Penalties
for operating in the state without a license: |
1081-Section 20-A states that "A. In addition to any other penalties provided by law, any entity or individual without a license as required by the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act who engages in the business of a mortgage broker or mortgage loan originator or who willingly and knowingly violates any provision of the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, upon conviction, shall be guilty of a misdemeanor which shall be punishable by a fine of not more than One Thousand Dollars ($1,000.00) for each violation. Each violation shall be a separate offense under this section." |
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Is an
advanced fee permitted? |
No. Section 16-D states that “Except as otherwise permitted by this subsection[only for third parties], no mortgage broker or mortgage loan originator shall receive a fee, commission, or compensation of any kind in connection with the preparation, negotiation, and brokering or modification of a residential mortgage loan unless a borrower actually obtains a loan or has a loan modified from or by a lender on the terms and conditions agreed upon by the borrower and mortgage broker or mortgage loan originator.” |
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Is a
written agreement required? |
No. |
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Other
noteworthy information? |
The bill was passed in February and will become Oklahoma Statutes Section 2095 of Title 59 and as of July 31st, all applications must be online through the link below. |
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Oklahoma
Statutes |
Senate Bill 1062: Ctrl + Click Here Credit Services Organization Act(Old law): Ctrl + Click Here License application(After July 16th): Ctrl + Click Here Old licensing applications: Ctrl + Click Here |