Mortgage Broker and Loan Officer Licensing Requirements

Oklahoma: Effective 7/1/03, OK mtg brokers must have a physical office in OK, have 3 years of experience in last 5 years or take a course AND take and pass a written exam; LOAN OFFICERS MUST BE LICENSED, have 18 months of experience AND take and pass a written exam; BEWARE OF LOSS OF HUD EXEMPTION BECAUSE EXEMPTION APPLIES ONLY IF YOU DO HUD LOANS EXCLUSIVELY [WHICH NO ONE DOES].

Click here for State of Oklahoma Background Check Information and Forms

1. Oklahoma Continuing education requirements.
   1. Credit hours.
      1. All mortgage brokers shall complete sixteen (16) credit hours of continuing education before license renewal or reactivation. [ 59:2093(A) ] Courses taken in excess of the required hours shall not carry forward.
      2. A minimum of seven (7) of the sixteen (16) credit hours shall consist of:
         1. one (1) credit hour covering the Real Estate Settlement Procedures Act;
         2. one (1) credit hour covering the Truth In Lending Act;
         3. one (1) credit hour covering federal laws related to fair lending - the Equal Credit Opportunity Act, the Fair Housing Act and the Home Mortgage Disclosure Act; and
         4. four (4) credit hours covering ethics. [ 59:2093(A) ]
      3. Courses must be of a meaningful nature and shall not include items such as prospecting, motivation, sales techniques, psychology, recruiting, time management, phone etiquette, and subjects not relating to the mortgage broker's license. Courses conducted in conjunction with other meetings must have a separate continuing education course component; the method to monitor attendance must be stated and approved by the Administrator.
   2. Correspondence and video courses.
      1. Correspondence courses. A mortgage broker who completes an approved course by correspondence and provides satisfactory proof of completion will receive credit for the number of hours assigned for the course.
      2. Video courses. In order for a mortgage broker to receive credit for viewing an approved course presented by video, the mortgage broker must view the video under the supervision of a contact person with the provider and swear by affidavit that the video was viewed in its entirety. The affidavit must also be signed by the supervising contact person.
   3. Credit for instructors. An instructor who is a mortgage broker shall receive the same continuing education credit for presenting approved course materials as a mortgage broker who attends an approved classroom instructional session.
   4. Certificates of course completion required for license renewal or reactivation. Each mortgage broker shall attach an education verification form and certificates of course completion for the required number of credit hours to the renewal or reactivation application. [ 59:2093(A) ]
   5. Repeating courses. A mortgage broker may repeat a course before renewal, if the maximum credits designated for the course were not attained in the first attempt. By repeating the course, the mortgage broker may not earn more than the maximum credits designated for the course. A mortgage broker may repeat a course after two (2) license renewal dates have elapsed and receive the maximum credits designated for the course.
   6. Exceptions. The requirements for continuing education in this section shall not apply to:
      1. a mortgage broker whose license is on inactive status; or,
      2. a non-resident mortgage broker who is licensed in a state having continuing education requirements and the mortgage broker meets all the requirements of that state. The non-resident mortgage broker shall be responsible for providing satisfactory proof of compliance with the other state's requirements. [ 59:2093(E) ]
   7. Extensions. For good cause shown, the Administrator may grant an extension of time during which the continuing education requirements may be completed. The extension shall not exceed twelve (12) months. The extension will not alter the requirements or due date of the succeeding renewal. "Good cause" includes disability, natural disaster, or other extenuating circumstances. Each request for extension of time shall be in writing from the mortgage broker and shall include details and any documentation to support the request. Each request must be received by the Administrator no less than thirty (30) days before renewal.
2. Approval of continuing education courses.
   1. Information required. Each provider shall apply for approval of each course. All providers, including publicly funded educational institutions, shall provide:
      1. Name and address of the provider.
      2. Contact person and his or her address and telephone number(s).
      3. The location of the course, unless it is an individual study or correspondence course.
      4. The number of CEC hours requested for each course. Courses must consist of a minimum of one (1) credit hour.
      5. Subject outlines which list the summarized subjects covered in each course and a copy of any course materials.

• i. If a classroom course, a timed outline including any breaks.

• ii. If a correspondence course, a copy of text or table of contents with page numbers.

1. The names and qualification of instructors. An instructor shall have one (1) of the following qualifications:

• . Three (3) years of recent experience in the subject area being taught; or

• i. A degree related to the subject area being taught; or

• ii. Two (2) years of recent experience in the subject area being taught and twelve (12) hours of college and/or vocational technical school credit hours in the subject area being taught.

1. Application deadline for course approval. At least thirty (30) days prior to the course date, the provider shall apply to the Administrator for course approval. The Administrator shall grant or deny approval in writing based upon information submitted regarding each course. The Administrator will assign the number of CEC hours awarded for an approved course. Each course approval shall be valid for a period of twelve (12) months. Course materials must be resubmitted at the time of expiration.
2. Withheld or withdrawn approval. The Administrator may withhold or withdraw approval for any course for non-compliance with any provision of this section. This withdrawal will not affect any CEC hours attained under the course previous to the withdrawal.
3. List of approved courses. A list of approved courses shall be available from the Administrator. [ 59:2093(C) ]
4. Certificate of Course Completion. At the completion of each course, the provider shall provide each mortgage broker with a "Certificate of Course Completion" form.
5. List of mortgage brokers completing course to Administrator. At the completion of each course, the provider shall provide the Administrator a list of all mortgage brokers who completed the course. This list shall reflect the mortgage broker's name and license number.
6. Course records. Providers shall maintain course records for at least seven (7) years.