Per the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act, mortgage lenders who wish to conduct business in Oklahoma must be licensed with the Oklahoma Department of Consumer Credit (ODCC). Part of the registration process includes submitting a $100,000 surety bond via the Nationwide Mortgage Licensing System (NMLS). NMLS requires the executed bond to be uploaded to their site and the original mailed to the ODCC.
Applications for registration are handled through the NMLS, and the registration costs are $1,760, including the NMLS processing fee. Additionally, the cost for the credit report for control persons is $15 per control person and $36.25 per person for any FBI criminal background checks that are needed. Any fees collected through the NMLS are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.