Consumer Loan Company Examinations
Examination information, frequently asked questions, and resources for Washington Consumer Loan Companies.
In This Section:
Frequently Asked Questions (FAQs)
Answers to common questions about examinations conducted by DFI.
Consumer Loan Company Entry Letter
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Consumer Loan Entry Letter - Prior To Examination (Word)**
The entry letter above is sent to the licensee prior to a routine examination. The entry letter contains the Managers Questionnaire. The Managers Questionnaire will be completed by the licensee and returned to the Department prior to the examination.
Common Examination Findings
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Failure to timely provide a Good Faith Estimate (GFE) within three days of application
Licensees should be aware that DFI uses a more conservative approach and treats the credit report as a trigger for receipt of an application.
See RCW 31.04.102(2) and WAC 208-620-512 -
Failure to timely provide an estimate of the annual percent rate and disclosure of whether the loan contains a prepayment penalty within three days of application Licensees should be aware that DFI uses a more conservative approach and treats the credit report as a trigger for receipt of an application.
See RCW 31.04.102(3) and WAC 208-620-512 -
Failure to provide a One-Page Disclosure Summary
Licensees must provide a One-page Disclosure Summary to all borrowers on purchase applications within three days of application.
See RCW 19.144.020 and WAC 208-600-200. -
Charging impermissible lender fees on junior lien mortgages
Licensees may charge only a loan origination fee with limitations, no other fee may be charged that benefits the licensee.
See RCW 31.04.105(2) and WAC 208-620-515.
Washington State Laws, Rules, & Regulations
Links to Washington State laws, rules, and regulations.
- RCW 31.04 - Consumer Loan Act
- WAC 208-620 - Washington Consumer Loan Act
- RCW 19.52 - Washington State Interest - Usury Laws
- RCW 19.144 – Mortgage Lending and Homeownership
- WAC 200-620 – Residential Mortgage Loan One Page Disclosure Summary
Federal Laws, Rules, & Regulations
Links to federal laws, rules, and regulations.
- Home Mortgage Disclosure Act (HMDA) – Regulation C
- Home Ownership and Equity Protection Act of 1994 (HOEPA)
- Real Estate Settlement Procedures Act (RESPA)
- Gramm-Leach-Bliley Act (GLBA)
- Fair Credit Reporting Act (PDF)*
- Equal Credit Opportunity Act (ECOA) - Regulation B
- Fair Debt Collection Practices Act
- Truth in Lending - Regulation Z
- FRB Privacy of Consumer Financial Information – Regulation P
Contact Us
Monday - Friday (8am - 5 pm PST)
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Examination And Compliance
Rick St. Onge Financial Examiner Supervisor 360-902-8727 rick.stonge@dfi.wa.gov |
Licensing
Maureen Camp Customer Service Supervisor (360) 902-8752 maureen.camp@dfi.wa.gov |
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Consumer Services
(360) 902-8703 1-877 RING DFI (746-4334) Fax: (360) 664-2258 dcs@dfi.wa.gov |
Mailing Address
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For U.S. Postal Service:
Department of Financial Institutions Division of Consumer Services PO Box 41200 Olympia WA 98504-1200 |
For Overnight Delivery:
Department of Financial Institutions Division of Consumer Services 150 Israel Rd SW Tumwater WA 98501 |
* 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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