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Become A Mortgage Broker In Oklahoma

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Oklahoma or anyone looking to become a mortgage broker in Oklahoma.

The Oklahoma Department of Consumer Credit (OKDOCC), www.okdocc.state.ok.us, has investigation and licensing duties over the ‘Mortgage Broker Licensure Act’ (effective November 1, 1997). 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 as a Mortgage Broker.

Applicants who desire to become a Mortgage Broker in Oklahoma pay a $750 application fee, a $150 examination fee, and a $100 initial license fee. The license is valid for one year. 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.

Applicants must provide proof of 3 years continuous experience within the last 5 years in the residential mortgage loan industry before taking the required examination from an approved testing site.

All Mortgage Brokers in Oklahoma must provide and maintain a principal place of business within the state.

The Oklahoma Association of Mortgage Brokers (OKAMB), www.okamb.com, is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations provide excellent resources pertaining to the real estate mortgage industry for those who desire to obtain a Mortgage Broker License in Oklahoma.

We also offer information and resources for Oklahoma Commercial Mortgage.

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