OAR 441-880-0200: Application Process; Correcting Deficiencies in Application; Abandonment

(1) An applicant for a license as a mortgage loan originator shall submit a completed Form MU4 together with all required application materials and information to the Nationwide Mortgage Licensing System and Registry. (2) If an applicant or a mortgage loan originator submits an application, filing or amendment which is incomplete in any respect, the director shall notify the applicant of a deficiency through the National Mortgage Licensing System and Registry. The applicant or mortgage loan originator shall correct any deficiencies associated with the application, filing or amendment within 30 days of being notified that the director placed a deficiency on the person’s application. A challenge submitted to the Nationwide Mortgage Licensing System and Registry as set out in OAR 441-850-0050 shall extend the time allowed for correcting deficiencies for the duration of the challenge. (3)(a) If an applicant fails to correct deficiencies as described in section (2) of this rule or fails to respond to deficiencies within 30 days of being notified of a deficiency the director may take action against the licensee, consistent with ORS 86A.224 and 86A.992, in order to secure compliance with this rule. (b) In addition to any penalties assessed under subsection (a) of this rule, if an applicant does not correct deficiencies after the director takes action under this section the application shall be deemed to be abandoned. Any fees paid by the applicant under OAR 441-880-0400 will not be refunded due to abandonment. An applicant whose application is abandoned under this rule may reapply to obtain a mortgage loan originator license.