What is a loan originator?

A loan originator is a person who assists consumers in obtaining loans. In Oregon, loan originators must be licensed in order to provide these services. The Oregon Department of Consumer and Business Services (DCBS) is the organization responsible for licensing and regulating loan originators. The loan originator is responsible for helping consumers understand the terms of a loan, preparing and submitting the loan application to the lender, and providing information on different loan options. They also provide guidance on the best loan choice for an individual’s financial situation. In Oregon, loan originators are subject to the Mortgage Lender Law and must be licensed with DCBS. To be licensed, loan originators must pass a written examination, submit a background check and be sponsored by a licensed lender in Oregon. The loan originator must also agree to abide by the Oregon Mortgage Lender Law and the Oregon Consumer Finance Act. All loan originators must take six hours of continuing education classes each year to maintain their license. This continuing education is designed to ensure that loan originators remain up to date with the latest laws and regulations governing the mortgage and loan industry. All consumers who work with a loan originator in Oregon should make sure that the loan originator has a current license with DCBS. This is important to ensure that the loan originator is legally allowed to provide services and is qualified to do so.

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What is a loan originator?

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