Consumer Loan Company Annual Assessments
Information about filing consumer loan annual assessments.
DFI has posted a video on YouTube that walks you through the process of filing your annual assessment. Watch Video
Important Deadlines
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Assessment Due Date - April 1, 2013
Due to the implementation of our new online filing system, the due date for the 2012 Consumer Loan Annual Assessment Reports has been extended to April 1, 2013; all future year’s filings of the Consumer Loan Annual Assessment Reports will be March 1. In order to avoid late fees and penalties, all assessment payments must be filed by close of business (5pm Pacific Standard Time) on April 1. This means you must have uploaded your company’s Loan List Workbook, attested to the accuracy of the reports, and made your electronic payment by that deadline. We suggest you begin the process a few days early to avoid any problems. -
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 a bill. You will receive your bill through the NMLS system for the assessment owed by July 1, 2013. The assessment fee is due to DFI on or before August 31, 2013, and will be paid through the NMLS system.
Online Assessment System and Workbook
- Online Consumer Loan Assessment System
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2012 CL Assessment Loan List Workbook (Excel)
(Right click link and select save as to download) - Workbook and Online Assessment Do and Don'ts
About the New System
In an effort to streamline the filing process, DFI has launched an 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 or MasterCard.
How does the online assessment filing system work?
Your company will provide your 2012 loan data in an Excel pre-formatted Loan List Workbook provided by DFI. Someone in your company then uploads your completed Loan List Workbook into the online assessment filing system. The system will email that individual a unique link, the link will return you to the system to review the annual reports, attest to the accuracy, and make an electronic payment.
What data must I provide to file my annual assessment reports?
You will be required to report all Washington loan activity during 2012 in an Excel pre-formatted Loan List Workbook provided by DFI. You can obtain a copy of the required Loan List Workbook on our website at
www.dfi.wa.gov/cs/consumer-loan-annual-assessments.htm.
Can I provide my 2012 loan data in any format?
No. The online assessment filing system requires that you use the DFI provided Loan List Workbook to report your loan data. You need to prepare your data in DFI’s Excel format to successfully transfer data into DFI’s Excel workbook and avoids errors and delay completing your assessment filing.
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 payment through its online assessment filing system. DFI will not accept filings in paper nor 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:
- Prepare the Loan List Workbook with all 2012 Consumer Loan Activity.
- 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 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 9911603040. If you plan to use a credit card, the system only accepts Visa or MasterCard and only up to $10,000. If you do not have Visa or MasterCard or must pay $10,000 or more, you must use E-Check.
- Coordinate roles within your company – If the filing of your company’s annual assessment typically involves several people, now is the time to coordinate roles. The person who uploads the company’s Loan List Workbook will receive an email containing a unique link to return to the system to attest and make payment. If that person isn’t authorized to attest to the filing, you will need to coordinate communication between the person who uploaded the loan data and the person who is going to attest. Likewise, at the point of attestation, your company can request that an email be sent to an individual authorized to make payment.
Workbook and Online Assessment Do and Don'ts
Do:
- Ensure that you have the most up to date version of your internet browser
- Remove the debit block from your bank account, if paying with a ACH transfer
- Have all of your information available when you start the filing process
- Complete all information requested on the workbook pertaining to your loan activity
- Check all worksheets within the Loan List Workbook to ensure that you have provided all 2012 loan activity to the Department
- Print a copy of your Assessment Summary Report and Payment Receipt for your records
- File and pay your assessment by April 1, 2013
Don’t:
- Add worksheets to the provided workbook
- Add loan counts or total loan volumes in the workbook
- Rename the workbook
- Delete or add any worksheets
- Use any form of collateral type other than the initials RE, PP, or U
- Do not reformat the spreadsheet
- Do not include dollar signs or commas. General formatting is acceptable
*Doing any of the above 3 actions prior to uploading your workbook, could cause the system to reject your workbook or populate incorrect information.
Annual Assessment Information
What if I did not do any business in Washington during the 2012 calendar year?
Consumer Loan Licensees must file both the AAR and the CAR even if they did NO business in Washington State during 2012. Both the AAR and CAR must be filed, even if no annual assessment fee is due. You will need to upload a blank workbook, and complete your annual assessment filing through the system in order for it to be considered a complete filing.
What constitutes a complete and timely filing of the AAR and CAR?
You must electronically submit your worksheets and payment of your annual assessment on or before Monday, April 1, 2013. 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 2012 financial statements via the NMLS no later than March 31, 2013. Financial statements must be prepared in accordance with GAAP and contain both a balance sheet and income statement. Please visit ourNMLS Mortgage Call Reports webpage for more information.
What if I fail to deliver my complete filing by the April 1, 2013, deadline?
If you upload your AAR and CAR information after the April 1, 2013, due date, you will be assessed a late penalty of $100 for each day of delay. Payment of late fees will be billed and paid through NMLS.
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 on December 31, 2012
- Loans brokered or table funded by the Licensee, regardless of the interest rate, or lien position
- 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 or table funded
- Accrued Interest on Reverse Mortgages serviced
- 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 the AAR?
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 servicing with or without servicing rights, loans repurchased, and loans securitized for investment.
Why do I include the loans in my portfolio from the previous year on the AAR?
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.
Questions? Contact Us
If you have questions about the Annual Assessment Reports or technical issues while filing, you can contact Amanda Harvey in the Consumer Services Examination Unit at amanda.harvey@dfi.wa.gov or (360) 902-8703.
If you have questions about how to file the Mortgage Call Report, you can contact the NMLS Call Center at (240) 386-4444.
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
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