Oregon Mortgage Loan Originator

What is the primary regulatory agency overseeing mortgage loan originators in Oregon?

• AOregon Real Estate Agency
• BOregon Division of Financial Regulation
• COregon Department of Consumer Affairs
• DOregon Banking Commission

How many hours of NMLS-approved pre-license education must an Oregon MLO candidate complete?

• A16 hours
• B20 hours
• C24 hours
• D30 hours

Oregon is primarily classified as what type of foreclosure state?

• AJudicial foreclosure only
• BNon-judicial foreclosure (trust deed)
• CBoth equally common
• DNo foreclosure is permitted

What governs Oregon's non-judicial foreclosure process?

• AThe Oregon Civil Code
• BThe Oregon Trust Deed Act
• CThe Oregon Mortgage Code
• DFederal bankruptcy law

What is the minimum surety bond requirement for an Oregon mortgage loan originator?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

What continuing education is required annually for Oregon MLOs?

• A4 hours
• B8 hours including 2 hours of ethics
• C12 hours
• D16 hours

Under the Oregon Trust Deed Act, what is the required notice period before a non-judicial foreclosure sale?

• A30 days
• B60 days
• C90 days
• D120 days

What background check requirement applies to Oregon MLO applicants?

• AOnly a state check
• BFBI criminal background check through fingerprinting
• COnly a credit review
• DNo background check required

Under Oregon law, does the borrower have a right of redemption after a non-judicial foreclosure sale?

• AYes, a 1-year redemption period
• BYes, a 6-month redemption period
• CNo, Oregon does not provide a statutory right of redemption after a trust deed sale
• DYes, a 30-day redemption period

What enforcement actions can the Oregon Division of Financial Regulation take against a non-compliant MLO?

• AOnly warnings
• BLicense revocation, suspension, denial, and monetary penalties
• COnly additional education requirements
• DReferral to federal authorities only

Oregon's anti-deficiency statute restricts lenders in what way after non-judicial foreclosure?

• ANo anti-deficiency protections exist
• BLenders generally cannot pursue a deficiency judgment after a non-judicial trust deed for…
• CDeficiency judgments are always available
• DOnly government lenders are restricted

What disclosure requirements does Oregon impose on mortgage lenders beyond federal requirements?

• ANo state-specific disclosures
• BOregon requires additional disclosures including the Oregon-specific mortgage lending dis…
• COnly verbal disclosures are needed
• DDisclosures are only for jumbo loans

Under Oregon fair lending laws, what practices are prohibited?

• AUsing credit scores for underwriting
• BDiscriminating in lending based on race, religion, sex, or other protected classes
• CRequiring income documentation
• DOffering different rates based on creditworthiness

What is unique about Oregon's protected classes in fair lending compared to many other states?

• AOregon has fewer protected classes
• BOregon includes sexual orientation and gender identity as protected classes
• COregon only protects race and sex
• DThere is no difference

How often must Oregon MLOs renew their license?

• AEvery 6 months
• BAnnually by December 31
• CEvery 2 years
• DEvery 3 years

What is the role of the trustee in Oregon's trust deed foreclosure?

• AThe trustee represents the borrower
• BThe trustee is a neutral third party who conducts the foreclosure sale
• CThe trustee sets interest rates
• DThe trustee approves the original loan

Oregon's usury laws address mortgage lending interest rates in what way?

• ANo interest rate limits exist
• BOregon has interest rate provisions that are subject to federal preemption for most mortg…
• CA flat 10% maximum on all mortgages
• DOnly credit unions are exempt from rate limits

What predatory lending protections does Oregon provide?

• ANo predatory lending protections
• BOregon prohibits loan flipping, equity stripping, and lending without regard to ability t…
• COnly federal protections apply
• DProtections only apply to loans over $200,000