Be assured that all Precision Funding Loan Originators are in compliance with all State of Oregon regulations, requirements and education.  We take pride in our loan agents’ integrity, honesty and professionalism.  Below are the State rules and guidelines direct from their manual.



DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, DIVISION OF FINANCE AND CORPORATE SECURITIES DIVISION 880 LOAN ORIGINATORS

441-880-0010

Certified Authority

(a) Name, address, contact person, phone number and e-mail address;

(b) Names of the principals of the organization; and

(c) The bylaws or rules that will be utilized by the organization in selecting providers.

(2) The Director's approval for certification will be dependent upon:

(a) The experience, knowledge, and professional ethics of the membership of the organization; and

(b) The bylaws or rules for approval and withdrawal of provider applications and test and course content.

(3) Certification will remain effective until surrendered by the Certified Authority or revoked or suspended by the Director.

(4) Revocation or suspension of a Certified Authority will occur if the Certified Authority fails to follow its own bylaws or rules or fails to consider in good faith the test and course content in provider applications.

(5) The Certified Authority will review and approve or disapprove providers and the following matters:

(a) The requirements and contents of the entry-level training course;

(b) The examination on state and federal laws and rules relating to mortgage lending in this state;

(c) The contents of all continuing education.

(6) The Certified Authority will be responsible for approving education offered by another state's mortgage lender program, provided the Director has determined that the laws of that state provide protection to the public that exceeds or is substantially similar to the protection provided by Oregon's mortgage lender law and rules.

Stat. Auth.: ORS 59.977

Stats. Implemented: ORS 59.977

Hist.: FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04

441-880-0020

Educational Requirements

(1) Each loan originator required to take an entry-level course and pass an examination on state and federal laws and rules relating to mortgage lending in this state must complete a Certified Authority approved course and pass a Certified Authority approved examination prior to taking a loan application from any Oregon consumer. However, a loan originator who was hired prior to the effective date of this rule amendment is granted an extension to April 13, 2007 to complete the entry-level course and pass the examination.

(2) A passing score on a Certified Authority approved entry level examination is valid for 2 years from the date of passing the examination.

(3) Each loan originator must complete 20 hours of continuing education within 24 months of their Notification Date and every subsequent 24-month period. There shall be no carryover of hours of continuing education between periods.

(4) Any person who fails to meet the continuing education requirement may not function as a loan originator until they take a Certified Authority approved entry-level course and pass a Certified Authority approved examination on state and federal laws and rules relating to mortgage lending in this state.

Stat. Auth.: ORS 59.975

Stats. Implemented: ORS 59.969, 59.975

Hist.: FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04; FCS 1-2007, f. & cert. ef. 1-17-07

441-880-0030

Employer's Requirements

(1) Not later than January 30, 2002, employers are required to provide the Director with a list of all loan originators and the information in section (3) of this rule.

(2) Within 30 days of a person starting to function as a loan originator or ending functioning as a loan originator, the employer must notify the Director by amending their licensee application in a form approved by the Director.

(3) If the notice is for a person starting to function as a loan originator, the amendment shall include the following information about the loan originator:

(a) Name;

(b) The start date as a loan originator;

(c) Current business and home address, telephone, and e-mail address;

(d) Social security number or a detailed physical description of the loan originator including: height, weight, eye and hair color, and a description of any unique physical characteristics such as birthmarks and tattoos;

(e) Date of birth; and

(f) Certification of compliance with ORS 59.967(2), 59.969(4)(a) & (b) and 59.971.

(4) If the notice is for a person ending functioning as a loan originator, the amendment should include the following information:

(a) Name;

(b) The ending date as a loan originator;

(c) Last known contact information; and

(d) The reason for termination if it was for failure to comply with state or federal laws, regulations or rules.

(5) At the time for each mortgage banker/broker license application or renewal, the employer must notify the Director of the names and current contact information of the loan originators employed, including certification of compliance with ORS 59.967(2), 59.969(4)(a) & (b) and 59.971.

(6) No employer may hire, or continue to employ, a person to serve as a loan originator who has not met the educational requirements of ORS 59.840 through 59.980, 59.969 & 59.975 and OAR 441-880-0020.

(7) As courses are satisfactorily completed by the loan originators, the employer shall retain a copy of the completion certificate in the loan originator's personnel file for review by the Director at the time of the next occurring examination or for five years, whichever first occurs.

Stat. Auth.: ORS 59.900

Stats. Implemented: ORS 59.969

Hist.: FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04; FCS 1-2007, f. & cert. ef. 1-17-07

441-880-0040

Loan Originator's Requirements

(1) It is unlawful for any person to act as a loan originator unless the educational requirements in ORS 59.969 & 59.975 and OAR 441-880-0020 are met.

(2) The loan originator must retain the original completion certificate provided following satisfactory course completion for five years and provide a copy to the employer.

(3) Only loan originators employed by exempt employers may file notification of completed education directly with the Director. A copy of the completion certificate may be provided or notification may be provided electronically of the course(s) name and number, the number of hours of each course, the completion date(s), and the score(s) or pass/fail result(s), if applicable.

(4) A loan originator may notify the Director of termination of the loan originator's employment including the end date, reason for termination, and current contact information for the loan originator.

[Publications: Publications referenced are available from the agency.]

Stat. Auth.: ORS 59.975

Stats. Implemented: ORS 59.975

Hist.: FCS 10-2001, f. 12-24-01, cert. ef. 1-1-02; FCS 2-2004, f. & cert. ef. 8-5-04

441-880-0050

Criminal Records Check

(1) Prior to employing a loan originator as defined in ORS 59.840(4), a licensee must conduct a criminal records check of the person, using the person's full legal name, date of birth, place of birth and social security number, searching federal records and all state records where the person has resided in the past 10 years. The licensee must use the services of law enforcement agencies or an independent private company that complies with the federal Fair Credit Reporting Act to conduct the criminal records check. A criminal records check conducted for any other employer within the previous six months will fulfill this requirement, provided that the scope of the previous check is within the parameters of this section and the licensee obtains a copy of the records check for his files.

(2) A criminal records check for a loan originator employed by a licensee on the effective date of this rule must be completed within 120 days.

(3) A loan originator applicant may not be hired and a currently employed loan originator's employment must be immediately terminated if the criminal records check discloses a disqualifying conviction as described in section (4) of this rule, provided that a licensee may retain a current employee in a capacity other than as a loan originator during the no-action letter process described in section (6) of this rule.

(4) The categories of criminal convictions that will prevent a person from acting as a loan originator are:

(a) Crimes punishable by death or imprisonment in excess of one year under the law under which the person was convicted, or

(b) Crimes involving false statement or dishonesty, including, but not limited to:

(A) Theft, misappropriation, or misapplication, of monies, services or goods in any amount;

(B) Falsification of records, perjury, or other similar criminal offenses indicating dishonesty;

(C) Taking of bribes, kickbacks, or other illegal compensation; or

(D) Deceiving the public or any person by means of swindling, false advertising or like acts.

(5) Within three business days of receiving the criminal records check report, the licensee shall notify the Director of the identity of any person for whom a criminal records check discloses a disqualifying conviction, using the Loan Originator Notification Form [Form 440-2772, available online and from the Department].

(6)(a) Within 20 business days of notification to the Director as described in section (5) of this rule, a licensee who desires to hire or retain a loan originator for whom a criminal records check discloses a disqualifying conviction may make a written request for a letter from the Director that no enforcement action will be taken against the licensee with respect to the employment of such person. The request must contain the following information:

(A) The name of the person;

(B) A description of the disqualifying conviction from the criminal records check; and

(C) Supporting documents or other information demonstrating that this conviction is erroneously entered on this person's record or should otherwise not be deemed to be a disqualifying conviction.

(b) The Director in determining whether to grant the requested no-action letter and in determining whether conditions should be imposed if the no-action letter is granted may consider, but is not limited to considering:

(A) The licensing and consumer complaint history of the licensee;

(B) Input from any mortgage professional association; and

(C) The interests of consumers.

(c) A licensee who hires or retains a loan originator who has a disqualifying conviction after a requested no-action letter is denied, or without requesting a no-action letter, is subject to penalties as provided by ORS 59.992 and 59.996.

(7) Criminal records check documents, including any no action letter or denial of a no action letter request, received by the licensee shall be maintained in a secure location separate from personnel records, and shall be made available to the Director or an authorized representative of the Department for examination upon reasonable notice. These records shall be preserved by the licensee for three years after termination of employment. When the person who is subject to the check is not employed, the records shall be preserved by the licensee for two years from the date of receipt. After the retention period, the records shall be destroyed in a secure manner such as by shredding.

Stat. Auth.: ORS 59.971, 59.972

Stats. Implemented: ORS 59.971, 59.972

Hist.: FCS 5-2003, f. 12-30-03 cert. ef. 1-1-04; FCS 2-2004, f. & cert. ef. 8-5-04

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use