Oregon MLO License

Mortgage Loan Originator requirements for Oregon

24 hrs

Pre-License Hours

$271

Total Fees

4-8 wks

Timeline

8 hrs

CE Annually

NMLS Required: All Oregon MLO applications must be submitted through the Nationwide Multistate Licensing System (NMLS).

Pre-Licensing Education

Complete 24 hours of NMLS-approved pre-licensing education. including 4 hours of Oregon-specific content. This exceeds the federal minimum of 20 hours.

Required Courses (24 hours total):

• 3 hours federal law and regulations
• 3 hours ethics (fraud, consumer protection, fair lending)
• 2 hours nontraditional mortgage products
• 12 hours electives
• 4 hours Oregon-specific content

Cannot work for 2 companies simultaneously

SAFE MLO Exam

National Component

115 scored questions + 10 unscored (3 hours 10 minutes)

State Component

Uniform State Test (UST) component

Passing Score

75% on both national and state components

Exam Fee

$110

Retake Policy: 30-day wait after 1st/2nd failure; 180-day wait after 3rd failure

Background & Credit Check

Criminal Background

FBI criminal background check via fingerprinting

Credit Report

Required

Background Check Cost

$36

Credit Report Cost

$15

Credit report pulled by NMLS. Must demonstrate financial responsibility.

Company Sponsorship

Must be sponsored by a licensed mortgage broker, banker, or consumer finance company

Applicants without sponsorship will receive an inactive license upon approval. MLOs cannot work for more than one mortgage entity at the same time (ORS 86A.178).