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STATE OF OREGON
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Is a
license required? |
The State of Oregon does not require license to perform loan modifications, however it does require a license for anyone who brokers a mortgage. |
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State
specific loan modification law? |
Yes. House Bill 3630(Attached as Schedule A). The bill was recently passed. Section 1 of the bill states that it applies to foreclosure consultants and defines them as a person who makes a solicitation to help a homeowner(a)stop a foreclosure, (b)obtain a forbearance, (c)assist in exercising a right of redemption or (d)help the homeowner get an extension. Section 4 states that the act does not apply to individuals licensed to practice law in Oregon, if performing services within an attorney-client relationship, nor does the act apply to mortgage brokers licensed in the state if they are acting within the scope of the license. |
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Advantages
of becoming a licensed Mortgage Broker? |
None. A mortgage broker is subject to Oregon law. Oregon Statutes, Chapter 59, section 59.845(Attached as Schedule B) requires that all mortgage brokers in the state be licensed. 59.980.7 lists activities which fall under mortgage brokering and in subsection C includes anyone who "For compensation, or in the expectation of compensation, either directly or indirectly, makes, negotiates or offers to make or negotiate a mortgage loan." |
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Penalties
for operating in the state without a license: |
59.991 provides for criminal penalties. 59.995 provides for civil penalties, up to $20,000 per violation. |
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Is an
advanced fee permitted? |
Yes. There are currently no prohibiting charging advance fees. |
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Is a
written agreement required? |
No written agreement is required for a mortgage broker, however section 4 of House Bill 3630 requires a written agreement for foreclosure consultants. |
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Other
noteworthy information? |
None. |
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Oregon
Statutes |
House Bill 3630: Ctrl + Click Here Chapter 59, mortgage brokers: Ctrl + Click Here Licensing requirements: Ctrl + Click Here |