Mortgage licensing / Oregon

Oregon Student Loan Servicer License

company licence · NMLS ORSTUDENTLNSERVICER_C · DFR

Requirements (14)

1. Step 1

   Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

2. Step 2

   Financial Statements: If applicant is a start-up company, only an initial statement of condition is required. Financial statements must be no more than 6 months old prior to the submission of the application. The financial statement must illustrate that the company maintains liquidity, operating reserves and tangible net worth of at least $250,000. If the company does not meet the financial requirements or has negative income for the fiscal year, upload a written explanation and description of their remediation plan.

   Submitted via: Upload in NMLS: under the Document Type “Additional Requirement(s)” in the Document Uploads section.

3. Step 3

   Other Trade Name: If operating under a name that is different from the applicant’s legal name, that name (“Trade Name”, “Assumed Name” or “DBA”) must be listed under the Other Trade Names section of the Company Form (MU1). Oregon Division of Financial Regulation does not limit the number of other trade names. If operating under an “Other Trade Name”, upload a certificate of authority issued by the Oregon Secretary of State regarding ability to do business under that trade name. This document should be named Oregon Student Loan Servicer – Assumed Name.

   Submitted via: NMLS Upload in NMLS: under the Document Type Trade Name/Assumed Name Registration Certificates in the Document Uploads section of the Company Form (MU1).

4. Step 4

   Resident/Registered Agent: The Resident/Registered Agent must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with Oregon Secretary of State.

   Submitted via: NMLS

5. Step 5

   Non-Primary Contact Employees: Oregon requires that an individual(s) be identified as a Non-Primary Contact for the following areas. These contacts must be listed in the Contact Employees section of the Company Form (MU1). 1. Pre-Exam Contact (this contact must have access to access physical records)

   Submitted via: NMLS

6. Step 6

   Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

7. Step 7

   Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

   Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

8. Step 8

   MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

9. Step 9

   Electronic Surety Bond or Letter of Credit: Submit a bond in the amount of $30,000 furnished by a surety company authorized to conduct business in Oregon. The Surety Bond Requirement may be satisfied completing one of the following: • Electronic Surety Bond: Submit an Electronic Surety Bond (ESB) via NMLS in the amount listed above furnished and submitted by a surety company authorized to conduct business in Oregon. See the ESB Adoption Table and the ESB for NMLS Licensees page of the NMLS Recourse Center for more information. • Alternate Security Device: Irrevocable Letter of Credit in the amount of $30,000. This document should be uploaded in NMLS under the Document Type Surety Bond – Alternate Security Device in the Document Uploads section of the Company Form (MU1). This document should be named Student Loan Servicer Security Device. Deposit in Lieu form must be completed and uploaded with the supporting documentation.

   Submitted via: 1. Electronic Surety Bond in NMLS Or; 2. Upload in NMLS: under the Document Type Surety Bond – Alternate Security Device in the Document Uploads section of the Company Form (MU1).

10. Step 10

    Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the requested applicable documentation detailed below. Original formation documents and all subsequent amendments, thereto including a list of any name changes. Sole Proprietor • No documents needed. Unincorporated Association: • By-Laws or constitution (including all amendments). General Partnership: • Partnership Agreement (including all amendments). Limited Liability Partnership: • Certificate of Limited Liability Partnership; and • Partnership Agreement (including all amendments). Limited Partnership: • Certificate of Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Limited Partnership: • Certificate of Limited Liability Limited Partnership; and • Partnership Agreement (including all amendments). Limited Liability Company (“LLC”): • Articles of Organization (including all amendments); • Operating Agreement (including all amendments); • IRS Form 2553 or IRS Form 8832 if S-corp treatment elected; and • LLC resolution if authority not in operating agreement. Corporation: • Articles of Incorporation (including all amendments); • By-laws (including all amendments), if applicable; • Shareholder Agreement (including all amendments), if applicable; • IRS Form 2553 if S-corp treatment elected; and • Corporate resolution if authority to complete application not in By-Laws or Shareholder Agreement, as amended, as applicable. Not for Profit Corporation • Documents requested of a Corporation; and • Proof of nonprofit status • Internal Revenue Service (“IRS”) 501(c)(3) designation letter; or • statement from a State taxing body or the State attorney general certifying that: (i) the entity is a nonprofit organization operating within the State; and (ii) no part of the entity’s net earnings may lawfully benefit any private shareholder or individual; or • entity's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or • Any of the three preceding items described, if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate. Trust (Statutory) • Certificate of Trust; and • Governing instrument (all amendments).

    Submitted via: Upload in NMLS: under the Document Type Formation Document in the Document Uploads section of the Company Form (MU1). This document should be named Formation Documentation [Date of Creation (MM-DD-YYYY)].

11. Step 11

    Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. All senior management must be included. This document should be named [Company Legal Name] Management Chart. Note: If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under the Document Type Management Chart in the Document Uploads section of the Company Form (MU1).

12. Step 12

    Organizational Chart/Description: Submit a chart showing (or a description which includes) the percentage of ownership of: • Direct Owners (total direct ownership percentage must equate to 100%) • Indirect Owners • Subsidiaries and Affiliates of the applicant/licensee This document should be named [Company Legal Name] Organizational Chart – Description. Note: If the existing uploaded Organizational Chart/Description already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart.

    Submitted via: Upload in NMLS: under the Document Type Organizational Chart/Description in the Document Uploads section of the Company Form (MU1).

13. Step 13

    Portfolio of student loan servicing rights for Oregon: A statement with a detailed breakdown of the portfolio of student loan servicing rights for Oregon. The information should reflect the composition of the portfolio based on student loan servicing rights owned and aggregate number of loans and unpaid principal balance of all student loan loans segregated by subservicer. The information provided should be as of the most recent quarter and reported in the form of Student Loan Servicer Annual Report.

    Submitted via: Upload in NMLS: under the Document Type Additional Requirements in the Document Uploads section of the Company Form (MU1)

14. Step 14

    Subcontractors performing servicing activities list: Submit a list of the company for all subcontractors performing servicing activities on behalf of the applicant/licensee. The list should include company names, contact information, and a brief description of the servicing activities being performed by the subcontractor.

    Submitted via: Upload in NMLS: under the Document Type Additional Requirements in the Document Uploads section of the Company Form (MU1)

General information

Other Oregon mortgage licenses

• Mortgage Lending Branch License
• Mortgage Lending License
• Mortgage Loan Originator License
• Mortgage Servicer Branch License
• Mortgage Servicer License
• Student Loan Servicer Branch License
• All 8 Oregon licenses

Sourced from the NMLS/CSBS state licensing record, last updated May 28, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.