Finance
Under Oregon's SAFE Act compliance (which adopts federal Secure and Fair Enforcement for Mortgage Licensing Act requirements), individual mortgage loan originators (MLOs) must be:
ALicensed as real estate brokers in addition to holding an MLO license
BLicensed or registered as mortgage loan originators through the Nationwide Mortgage Licensing System (NMLS)✓ Correct
CEmployees of a federally chartered bank to avoid state licensing
DSupervised by the Oregon Real Estate Agency
Explanation
The federal SAFE Act (2008) requires individual mortgage loan originators to be either state-licensed (through NMLS) or registered with a federally regulated depository institution. Oregon's Division of Financial Regulation administers the state MLO licensing program. MLOs must pass background checks, pre-license education, and the NMLS exam. The NMLS allows consumer lookup to verify an MLO's credentials and history.
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