Oklahoma Amends Oklahoma SAFE Act

Oklahoma recently enacted revisions to its SAFE Act (the OK SAFE Act) which take effect on November 1, 2024.  Among other things, these revisions provide for the following:

• Employees or independent contractors of licensed Oklahoma mortgage brokers and lenders may conduct mortgage business remotely, subject to supervision by the licensee and compliance with certain confidential information and information sharing provisions of the OK SAFE Act.  The Oklahoma Department of Consumer Credit had previously allowed remote work through interim guidance.
• The OK SAFE Act now has a formal definition for “servicing”, which includes deeming an entity to be servicing if it holds servicing rights or engages in certain activities (such as collecting monthly mortgage payments or default management).  It also expands the definition of “mortgage broker” to include an entity that services a residential mortgage. 
• The annual renewal fee structure for mortgage brokers and mortgage lender licensees has been revised to be based on the dollar volume of loans originated and/or serviced and to cover the renewal fee for the principal office and any branches.