The Oklahoma Department of Consumer Credit (OKDOCC) , has investigation and licensing duties over the mortgage laws and statutes of the state.  Mortgage Brokers are defined as those who hold themselves out as being able to make or assist a person in obtaining or applying to obtain a residential mortgage loan. Even working with one loan requires a person to be licensed.

All Oklahoma mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved Courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Oklahoma-required content.   A minimum of eight hours per year of continuing education is required nationally per year, per the SAFE act.

The licensing fee for NMLS for Loan Originators is $219. The licensing fee for a mortgage broker is $1000. Click on the links in the preceding sentences for more details about each license.

License is valid for one year, beginning January 1. Applicants also must provide proof of a Trust Account in a federally insured bank in Oklahoma. Recent financial statements (less than 30 days old) are also a requirement.