Licensing Requirements for Lenders in Oklahoma

In order for a lender to be licensed to provide loans in the state of Oklahoma, they must meet and maintain certain requirements. Meeting these requirements help to protect those who are receiving loans from assuming mortgages that they can not reasonably pay or will place them in undue financial hardship.

In order to obtain a lender license, a lender must have a physical office in the state of Oklahoma. The lender must have a brick and mortar location, and therefore can not operate their business solely over the phone or through the internet.

In order to apply for a license, a lender must have at least three years of continuous lending and mortgage experience within the last five years. If they do not, they can not apply to be licensed by the state of Oklahoma.

When applying, the applicant must submit a record for the last thirty days of their financials for the licensing committee to examine and approve.

In order for an institute to obtain a lending license, all loan officers that they employ must also be licensed. This requires them to meet all state laws and pass an exam before being licensed. An applicant may not take the exam more than two times within a twelve month period, and the exam must be completed with one year of the application being submitted.

All lenders and brokers are required to have a trust account with a federally insured bank in Oklahoma to ensure the protection of their assets.

By conforming to a set of regulations and receiving a license in Oklahoma, lenders and brokers protect not only themselves and their business but those that they give loans to. If you are a lender or broker looking to become licensed in Oklahoma, or are looking for a licensed broker, The Hershewe Law Firm can help you.

To speak with an Oklahoma attorney, contact the Hershewe Law Firm toll-free at 877-382-9734 or contact us through our web form.