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Question:

Do both Oregon and Washington tie licensing requirements to an applicant’s residency (not just the location of the subject property)?

Answer:

Yes, as detailed below:

• Washington requires an individual to hold a Washington MLO license if the individual offers mortgage brokering or loan origination services (i) to Washington state citizens or (ii) for property in Washington State.
  • Example: if an applicant is a "resident" of Washington and looking to purchase a home in Texas, the MLO assisting the applicant with his/her mortgage loan would need to be licensed in both Texas AND Washington.  
• Oregon requires an individual to hold an Oregon mortgage loan originator (“MLO”) license if the individual takes a mortgage loan application or offers or negotiates the terms of a mortgage loan (i) to Oregon residents, (ii) for property located in Oregon State, or (iii) from a fixed physical location in Oregon.
  • Example: if you have a MLO working in Oregon but doing a loan for someone in Florida, that MLO would need to be licensed as an Oregon MLO, in addition to a Florida MLO.

Links to the applicable WA and OR regulations and NMLS checklists and description requirements are also included for your reference:

Washington:

• WAC 208-620-230
• WAC 208-660-005
• WA MLO License
• WA Consumer Loan Company License

Oregon:

• 2017 ORS 86A.103
• OR-MLO-New-App-Checklist