Department of Consumer and Business Services

Question 1

What are the 7 divisions of the DCBS?

Answer 1

1. Workers compensation Division
2. Oregon OSHA
3. Building code division
4. Insurance Division
5. Division of Finance and Corporate Securities
6. Division of Fiscal and business services
7. Information Management system

Question 2

What is Oregon’s largets regulatory agency?

Answer 2

DCBS

Question 3

What DOES the DCBS do?

Answer 3

The DCBS administers state laws and rules and protects consumers and workers in areas of workers’ compensation, occupational safety and health, financial services, insurance and building codes

Question 4

What is the DCBS’s mission?

Answer 4

Its mission is to protect and serve Oregon’s consumers and workers while supporting a positive business climate in the state.

Question 5

What does the Director do?

Answer 5

provides the DCBS with overall leadership, policy direction and general supervision and coordination of all of its areas of responsibility.

Question 6

In relating to the mortgage industry, the Division of Finance and Corporate Securities does what?

Answer 6

oversees the regulation and licensing of mortgage bankers, brokers and loan originators.

Question 7

What is the mission of the Division of Finance and Corporate Securities?

Answer 7

to encourage the widest possible range of financial services, products and information for Oregonians, delivered in a safe, sound and equitable manner, free of fraud.

Question 8

The Division of Finance and Corporate Securities has jurisdiction over what 3 key areas?

Answer 8

1. Banks and trusts
2. Non-depository institutions
3. Securities

Question 9

Found in the Oregon Revised Statutes (ORS) of the Oregon Administrators Rule (OAR) is what and does what?

Answer 9

The Oregon Mortgage Lender and Mortgage Servicer Practices Act and gives authority to the Division of Finance and Corporate Securities for oversight of the mortgage industry.

Question 10

The Mortgage Lender and Mortgage Servicer Practices Act was amended in 2009 to be compliant with Which Federal Act?

Answer 10

The SAFE Act

This became effective in 2010

Question 11

The NMLS was developed and is maintained by what two offices?

Answer 11

1. The conference of state Bank Supervisors and

2. American Association of Residential Mortgage Regulators (AARMR)

Question 12

What is the NMLS’s main purpose?

Answer 12

It streamlines the licensing process for both regulatory agencies and the mortgage industry by establishing a single, centralized and standardized system for mortgage licensing.

Question 13

The Director of this Department has final responsibility for supervising and controlling what 4 things?

Answer 13

1. all licensed loan originators, mortgage bankers, mortgage brokers and mortgage loan servicers:
   residing or doing business in Oregon; and
   engaged in any activity subject to the Mortgage Lender and Loan Servicer Practices Act.
2. Anyone who should be licensed as a loan originator, is licensed as a mortgage banker or broker, or is licensed or has an endorsement to act as a mortgage loan servicer in Oregon.
3. any person the Director exempts from mortgage licensing requirements but engages in mortgage activities.
4. a person whose license or endorsement has expired or has been withdrawn, canceled, suspended, conditioned or revoked.

Question 14

The NMLS and/or Director are authorized to publish information about an LO’s what?

Answer 14

1. employment information

2. public disciplinary and enforcement actions

Question 15

The Director has authority to examine what persons? (5 points)

Answer 15

1. A licensed mortgage banker, broker or loan originator
2. A person that should be licensed as a mortgage
   banker, broker or loan originator
3. A mortgage loan servicer
4. An exempt person
5. A person whose license has been withdrawn, canceled, suspended, revoked or has expired

Question 16

How much are audit charges to a Licensee?

Answer 16

A licensee must pay an audit charge of $75 an hour for each Department employee used to conduct an examination or investigation, plus costs for out-of-state travel, if necessary. However, if the auditor is a contract consultant, the licensee must pay the actual cost of the consultant.