Oregon's Department of Finance and Corporate Securities [1] (DFCS) is now using the National SAFE Mortgage Loan Originator (MLO) Test [2] with Uniform State Content, making it the 46th state agency in the country to streamline its originator licensing process.
First introduced in April 2013, the National SAFE MLO test combines the national and state testing requirements established under the SAFE Act, creating an easier application process for originators wanting licenses for multiple states. Twenty state agencies adopted the uniform test at its launch; an additional 15 adopted it later that year, with 10 more implementing it in 2014.
Oregon is the first state to adopt the test in 2015.
Since its inception, more than 42,000 applicants have taken the test, according to the Conference of State Bank Supervisors [3] (CSBS).
As a regulator for both bank and non-bank mortgage lending in the state, Oregon's DFCS is responsible for licensing individual origination employees who handle loan applications or negotiate residential mortgage loans with homebuyers.