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Oregon Consumers: New tool to check out mortgage lenders

Oregonians looking to buy a home or refinance their mortgage can go online to see if a mortgage lender has met stringent new licensing standards. By clicking on http://www.nmlsconsumeraccess.org/, consumers can search for a mortgage company or one of its employees who works with borrowers (called a loan originator). The website will show licensing status and employment history of the loan originator. Loan originators in Oregon now must meet strict criteria, including 20 hours of education before receiving a license, 10 hours of continuing education per year, passing both a national and a state test, passing a criminal background check, and being covered by a surety bond. For more information regarding this new tool, see this press release.

 

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