OAR 441-446-0203: Exemptions from Mortgage Loan Originator Licensing

In addition to the provisions contained in ORS 86A.203(2) through (4) relating to the exemption of a dealer from licensing as a mortgage loan originator, the following conditions apply: (1)(a) Only one limited manufactured structure dealer licensee per manufactured dwelling park may claim the exemption from licensing under ORS 86A.203. (b) A manufactured structure dealer may offer or negotiate the terms of a residential mortgage loan in a manufactured dwelling park where a limited manufactured structure dealer claims an exemption under ORS 86A.203(2)(f), but the manufactured structure dealer may not acquire or hold an ownership interest in the manufactured dwelling park or in the business entity holding the limited manufactured structure dealer license. (2)(a) A licensed or registered mortgage loan originator may offer or negotiate terms for a residential mortgage loan on behalf of a dealer who holds the statutory maximum number of loans set out in ORS 86A.203(3) or (4), as applicable to that dealer. (b) A dealer must verify, whether through NMLS Consumer Access or other means, that the mortgage loan originator retained to complete a transaction under this section meets the requirements of ORS 86A.200 to ORS 86A.239. (c) This section does not waive any other legal requirements that may apply to a dealer. (3) For purposes of establishing the maximum number of residential mortgage loans a dealer may offer or negotiate without a mortgage loan originator license, this rule applies to residential mortgage loans made on or after July 31, 2010.