Reminders: Important Deadlines and Information
- Assessment Due Date – March 1, 2017
All Washington State Consumer Loan Annual Assessment Reports are due by March 1, 2017. In order to avoid late fees and penalties, all assessment reports and payments must be filed and paid by March 1, 2017. This means you must have filed your annual assessment report loan data, attested to the accuracy, and made your electronic payment by that deadline. We suggest you begin the process early to ensure a timely filing.
- Late Fees
If you file after the March 1, 2017 due date you will be assessed a late fee penalty. Late fees are automatically assessed through the online filing system and are no longer billed through the NMLS. The system will not allow a waiver for failure to timely complete your filing or pay your assessment.
- License Expiration for Failure to File and Pay your Annual Assessment
Effective January 1, 2014, failure to file the reports and pay your Consumer Loan Annual Assessment fee by the March 1, 2017 due date; can result in expiration of your Consumer Loan License. Please refer to WAC 208-620-430 for better understanding of your reporting requirements.
- Mortgage Servicing
For Residential Mortgage Servicing, DFI will calculate the amount owed based on the volume of loans serviced and the proportionate cost to DFI for operating the program. After DFI receives your servicing information, DFI will calculate your portion of the cost of operating the program and send you an invoice. You will receive your Servicing invoice by July 1, 2017. The assessment fee is due to DFI on or before August 31, 2017.
Instructions and Quick Guides
- Online Assessments Instructional User Guide
- XML File Tag Requirement Specifications
- XML File Format (Zip File)
- XML File Format Samples (Zip File)
- How to Convert an Excel File to an XML File
- Pre-Fillable Questionnaire Worksheet (optional)
Online Assessment System
To access the system you must be a registered Secure Access Washington (SAW) user. Registration is simple; please visit https://secureaccess.wa.gov and follow the prompts to sign up. Instructions on how to sign up can also be found in the Instructional User Guide linked above.
Once you are a registered user you will then add the “Consumer Loan Online Services” service to your account.
You will be required to provide an “Access Code” to start your filing. Your access code will be your company’s prior year receipt code number (5CLAR…).
If you were newly licensed in 2016, you must contact the Department to receive your access code, please email firstname.lastname@example.org to submit your request.
About the Assessment System
DFI has made improvements to the online assessment filing system. This system will allow you to file both the Annual Assessment Report (AAR) and the Consolidated Annual Report (CAR) as well as make your payment via E-Check, Visa, MasterCard, Discover or American Express. However, an assessment fee in excess of $10,000 must be paid via E-Check.
How does the online assessment filing system work?
DFI no longer requires a pre-formatted excel workbook to transmit your loan supporting data.
The system now works by asking you a series of questions. For any “YES” answer you must provide the “Total Loan Count Numbers” and “Total Dollar Volume Numbers”. If you answered “Yes” to any of the below questions you must also provide loan supporting data in the XML File Specification format or manually enter the loan supporting data (max 30 loans per questions) directly into the system. XML File Specification format can be found linked above.
List of questions requiring XML or Manual entry supporting loan list:
- Did your company BROKER any Washington loans during 2016? (Include table funded loans. Do not include reverse mortgage, denied or withdrawn loans)
- Did your company MAKE any Washington loans during 2016? (Do not include reverse mortgage, denied or withdrawn loans)
- Did your company PURCHASE any Washington loans during 2016? (Do not include reverse mortgage, denied or withdrawn loans)
- Did your company MAKE any Washington Reverse Mortgage loans during 2016? (Do not include denied or withdrawn loans)
- Did your company own Mortgage Servicing Rights (MSRs) to loans contracted out to a sub servicer as of January 1, 2016?
- As a Master Servicer (owner of MSRs) did your company service Washington Residential Mortgage loans not contracted to a sub-servicer as of January 1, 2016?
- Did your company Sub-Service Washington Residential Mortgage Loans on behalf of a Master Servicers as of January 1, 2016?
Annual Assessment Q&A
What data must I provide to file my annual assessment reports?
You will be required to report all Washington loan activity during 2016.
Can I provide my 2016 loan data in any format?
No. The online assessment filing system requires that you provide your loan data and loan supporting data by entering your data manually into the system as well as providing the data in a specified XML file format.
Am I required to use the online assessment filing system?
Yes. DFI requires all Consumer Loan licensees to file their annual assessment reports and make a payment through the online assessment filing system. DFI will not accept paper filings or physical checks.
What can I do right now to prepare to file my annual assessment reports?
There are several things you can do right now to ensure a smooth and successful annual assessment filing:
- Ensure you are registered for a SAW account.
- Add the “Consumer Loan Online Services” Service to your account and provide your company’s access code
- Read through the assessment questions to see which questions apply to your business.
- Gather “Total Loan Counts” and “Total Loan Dollar Volume” for each “Yes” answered question. The Pre-Fillable Questionnaire Worksheet – optional up above may be helpful when gathering your loan information.
- Prepare your loan supporting data in the XML File Specification format.
- Determine how you will pay your annual assessment fee – DFI’s online system accepts E-Checks or credit cards. If you plan to use E-Check and you have an ACH debit block on your bank account, you must notify your financial institution to allow the E-Check to be processed
Removing the ACH debit block for DFI can take as long as two business days. DFI’s company identification number is G911443137. If you plan to use a credit card, the system only accepts payments for up to $10,000.
What if I did not do any business in Washington during the 2016 calendar year?
Consumer Loan Licensees must file both the AAR and the CAR even if they did NO business in Washington State during 2016. Both the AAR and CAR must be filed, even if no annual assessment fee is due.
What constitutes a complete and timely filing of the AAR and CAR?
You must electronically file and attest to your assessment report and submit your payment on or before, March 1, 2017. DO NOT SUBMIT AAR AND CAR REPORTS IN PAPER FORM. In addition to electronic submission of the AAR and CAR, you must also file your 2016 financial statements via NMLS no later than 90 days following your Fiscal Year End as reported on your company record in NMLS. Financial statements must be prepared in accordance with GAAP and contain both a balance sheet and income statement. Visit the Financial Statement webpage for more information on filing your financial statements.
What if I fail to deliver my complete filing by the March 1, 2017, deadline?
If you filed your assessment and made your payment after the March 1st due date, you will be automatically assessed a late fee through the online filing system. See WAC 208-620-430
What transactions do I include on the AAR?
The AAR includes all Washington residential mortgage loans secured by first and junior liens, to include business, commercial, or agricultural loans secured by a lien on the borrower's primary residence, and non-mortgage loans:
- Loans held in the Licensee’s portfolio as of the close of business on December 31, 2016
- Loans brokered by the Licensee, regardless of the interest rate, or lien position (the date a loan is made or funded is the date it was recorded into county records)
- Loans made by the Licensee, regardless of the interest rate, or lien position
- Loans purchased by the Licensee through the secondary market
- Advances on Reverse Mortgages made
- Non-mortgage loans made by the Licensee
- Non-mortgage loans brokered by the Licensee
What loans in my portfolio from the previous year do I include in CAR Portfolio Reporting?
You must include Washington loans that you made or purchased and have not been transferred off of your warehouse line or out of your portfolio as of the last day of each year. Loans carried over into the next year will be assessed in that next year. Other examples Include: Washington loans held for investment with or without servicing rights, loans repurchased, loans securitized for investment, and the unpaid principal balance at the time of foreclosure on foreclosed loans that have been written off but retained as an asset.
Why do I include the loans in my portfolio from the previous year on the CAR?
WAC 208-620-440(2)(a) requires the principal loan balance on Washington loans in your loan portfolio on December 31st of the prior year to be counted in the assessment calculation.
What transactions do I include on the CAR Servicing Reporting?
Include all Washington residential mortgage loans you are servicing as a master or sub-servicer, servicing includes:
"Service" or "servicing a loan" means, with respect to residential mortgage loans:
(a) Collecting or attempting to collect payments on existing obligations due and owing to the lender or investor, including payments of principal, interest, escrow amounts, and other amounts due;
(b) Collecting fees due to the servicer for the servicing activities;
(c) Working with the borrower to collect data and make decisions necessary to modify certain terms of those obligations either temporarily or permanently; or
(d) Otherwise finalizing collection through the foreclosure process.
If you have any questions, contact the DFI via email at email@example.com or phone at (360) 902-8703.
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