A mortgage broker is any person who, for compensation or gain, makes or holds himself or herself out to be able to make or assist a person in obtaining or applying to obtain a residential mortgage loan. Any persons acting in this capacity in Oklahoma must obtain this license.

PREREQUISITES: The broker must have proof of 3 years continuous experience within the last five years in the residential Mortgage loan industry, real estate sales or lending industry. Also, they must have a Trust account in a federally insured bank in Oklahoma.

TIME FRAME TO ISSUE: The approval process allows this license to be issued within 60 days after the DOCC  receives the complete application and all fees.

A mortgage loan originator is a person employed, either directly or indirectly, or retained as an independent contractor by a person required to be licensed as a mortgage broker and who is not exempt under Section 2083 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a residential mortgage loan for or on behalf of a licensed mortgage broker.

 Only people who work for licensed Mortgage Brokers are required to be licensed as Mortgage Loan Originators. A person who is employed by a company which is licensed in Oklahoma as a Supervised Lender is not required to be licensed as a Mortgage Loan Originator.

PREREQUISITES: Applicants must be at least eighteen (18) years of age, a citizen of the United States of America or a lawfully admitted alien, and either have at least eighteen (18) months of experience as a mortgage loan originator** or pass a mortgage loan originator test. Applicants must not have been convicted of a criminal offense related to the occupation of a mortgage loan originator.

**as evidenced by documentary proof of full-time employment as a mortgage loan originator with a licensed mortgage broker or a person exempt from licensure