Mortgage Loan Originators operating in the State of Oregon must be licensed to transact business by the Oregon Division of Finance & Corporate Securities.  If a Loan Originator is employed by a Mortgage company licensed in the State of Oregon, they are covered by sponsor’s bond. If the sponsor doesn’t have bond, the Mortgage Loan Originator must provide bond between $50,000 and $200,000.

"Loan originator" means an individual employed by or acting as an agent or independent contractor for a licensed mortgage banker or mortgage broker, with the expectation of compensation or gain that is determined by the amount borrowed or the terms and conditions agreed to by the borrower, and having primary job responsibilities that include negotiating with a borrower or potential borrower for the purpose of establishing the terms and conditions of a mortgage loan.

"Loan originator" includes a person employed at a location outside this state whose primary job responsibilities include contacting or attempting to contact borrowers or potential borrowers within the State of Oregon.

"Loan originator" also includes an independent contractor processor, or underwriter.

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