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Commerce Division of Financial Institutions  
 

MORTGAGE BROKERS, LOAN OFFICERS

• 2012 Annual Report Submission – due Monday, April 15, 2013 for OMBA, OMLA, OSLA
• Definition of Mortgage Broker and Loan Officer
• Forms
• Loan Originator State Test Outline (PDF)
• Policies & Information
• Continuing Education Providers and Classes
• Operations Manager Test: PSI Online

• Who must hold a Mortgage Broker Registration?

Any person that does any of following:

• Holds itself out as being able to assist a buyer in obtaining a mortgage loan and charges or receives from either the buyer or lender money or other valuable consideration for providing this assistance;
• Engages in table-funding or warehouse lending first lien residential mortgage loans; or
• Solicits financial and mortgage information from the public, provides that information to a mortgage broker or a person that makes residential mortgage loans and charges or receives from either of them compensation for providing the information.

Mortgage brokers registered under the OMBA must also comply with the Ohio Homeowners Equity Protection Act, sections 1349.25 to 1349.44 of the Ohio Revised Code, which is administered by the Division's Office of Consumer Affairs, and the Ohio Consumer Sales Practices Act, Chapter 1345 of the Ohio Revised Code, which is administered by the Consumer Protection Section of the Ohio Attorney General's office. Instructions and links to apply for a mortgage broker certificate of registration can be obtained at http://mortgage.nationwidelicensingsystem.org/slr/resources/pages/gettingstartedstateco.aspx. The Division will investigate the applicant to determine they meet all the statutory requirements for registration under the act.

• Who must hold a Loan Originator License?

Any individual who for compensation or gain or in anticipation of compensation or gain, does any of the following:

• Takes or offer to take a residential mortgage loan application;
• Assists or offers to assist a buyer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms including rates, fees and other costs;
• Offers or negotiates terms of a residential mortgage loan;
• Issues or offers to issue a commitment for a residential mortgage loan to a buyer.

Instructions and links to apply for a loan originator license can be obtained at http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/GettingStartedStateMLO.aspx. The Division will investigate the applicant to determine they meet all the statutory requirements for licensure under the act.

• Compliance:

Registrants and licensees are responsible for understanding and complying with all applicable state and federal statutes. The Division will periodically examine registrants for compliance with federal and state lending law and has the power to issue subpoenas in the process of conducting examinations and investigations.

The Division may also deny applications for registration or licensure, revoke, suspend, or refuse to renew certificates of registration or licenses, or impose fines against registrants and licensees pursuant to the Ohio Administrative Procedures Act, Chapter 119 of the Ohio Revised Code.

Questions regarding the industries regulated by Consumer Finance may be e-mailed to: webdfi-cf@com.state.oh.us