OAR 441-860-0024: Deficiencies in Mortgage Banker or Mortgage Broker License Application

(1) If an applicant, a mortgage banker or a mortgage broker submits an application, filing or amendment which is incomplete in any respect, the director shall notify the applicant of the deficiencies through the National Mortgage Licensing System. The applicant, the mortgage banker or the mortgage broker shall correct a deficiency associated with an application, filing or amendment within 30 days of being notified through the Nationwide Mortgage Licensing System and Registry that the director placed a deficiency on the person’s application, filing or amendment. A challenge submitted to the Nationwide Mortgage Licensing System and Registry as set out in OAR 441-850-0050 shall halt the 30-day period of time for correcting deficiencies for the duration of the challenge process. (2) If the applicant fails to complete the application or respond to deficiencies within 30 days, the application will be considered abandoned. Any fees paid by the applicant under OAR 441-860-0101 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a mortgage banker or mortgage broker license.