Oregon Required Conduct, Disclosures, and Recordkeeping
Domain 4 - Oregon Required Conduct, Disclosures, and Recordkeeping. Expect scenario questions on written agreements, compensation disclosure, rate-lock documentation, advertising, and how long a loan file must survive closing.
Conduct and agreements
Licensees must act in good faith and deal fairly, and must not misrepresent their role. A broker must have a written agreement with the borrower describing services and compensation before performing services, and must disclose compensation received from both borrower and lender - dual compensation without written disclosure is a violation. Terms quoted to a borrower must match the documents delivered.
Disclosures
- Rate-lock confirmations in writing: rate, points, lock period, and extension cost.
- Lender-paid versus borrower-paid compensation disclosed clearly.
- Advertising must include the licensed name and the NMLS unique identifier; "government approved" claims are barred.
- Federal Loan Estimate and Closing Disclosure timing applies, and DFR expects records proving delivery.
Recordkeeping
Licensees must keep books and records available for DFR examination, retain mortgage loan transaction files for at least three years after the loan closes or is transferred, and keep them retrievable in legible form. Oregon's Consumer Information Protection Act (ORS 646A.600) requires safeguards and breach notice for personal information.
Worked example
An MLO texts "you're locked at 6.25% for 30 days." The lock expires unpaid, the borrower's rate floats, and the file holds no written confirmation. The violation is failing to document and retain the lock terms in writing - not the rate itself.
Traps
Relying on a verbal lock; discarding files once funded; and confusing a broker's disclosed fee with a lender credit that must also be disclosed.