Finance
Oklahoma lenders who originate residential mortgage loans must be licensed under:
AOREC
BOklahoma's Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) administered through NMLS✓ Correct
CThe Oklahoma Corporation Commission
DHUD's national licensing program only
Explanation
Oklahoma implements the federal SAFE Mortgage Licensing Act through state law, requiring residential mortgage loan originators (MLOs) to be licensed through the Nationwide Multistate Licensing System (NMLS). This is separate from OREC's real estate licensing.
Related Oklahoma Finance Questions
- The SAFE Act requires that mortgage loan originators:
- Secondary mortgage market participants in Oklahoma purchase loans from primary lenders primarily to:
- A USDA Rural Development Guaranteed loan in Oklahoma guarantees:
- A wraparound mortgage in Oklahoma involves:
- An Oklahoma USDA loan's primary geographic eligibility requirement is that:
- Hard money loans in Oklahoma are typically used for:
- A 'teaser rate' on an Oklahoma ARM can lead to payment shock when:
- Under the Equal Credit Opportunity Act (ECOA), lenders may NOT discriminate based on:
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