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
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.
All Mortgage Brokers in Oklahoma must provide and maintain a principal place of business
within the state.
The Oklahoma Association of Mortgage Brokers
is an affiliate of the National Association of Mortgage
(NAMB) . Both organizations provide excellent resources pertaining to the real
estate mortgage industry for those who desire to obtain a Mortgage Broker License in
Oklahoma Mortgage Forms
Oklahoma Reciprocity States
(as of 2/23/2010)
Oklahoma Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the Department of Consumer Credit website for the
latest list of approved schools.