Consumer Loan Company Application FAQs
See below for DFI's answers to questions frequently asked about applying for a Consumer Loan Company license.
How do I obtain a Consumer Loan license in Washington?
Effective May 1, 2008, DFI joined the Nationwide Mortgage Licensing System (NMLS). All Consumer Loan license applications must be submitted through the NMLS. An applicant must submit a Form MU1, a Form MU2 for each control person and a Form MU3 for each branch office through the NMLS.
May I submit a Consumer Loan Application in paper?
No. Use of the NMLS is mandatory for all Consumer Loan applicants and licensees.
Must I submit other information in addition to the MU forms?
Yes. Please refer to the Washington instructions on the NMLS for a list of all additional items which must be mailed to DFI.
What is the application fee for a Consumer Loan Main Office License?
The application fee for a new Consumer Loan Main Office License is $1,162.21 which includes the NMLS processing fee.
What is the application fee for a Consumer Loan Branch Office License?
The application fee for a new Consumer Loan Branch Office License is $604.46 which includes the NMLS processing fee.
Is there a surety bond requirement?
Yes, the Consumer Loan license requires a surety bond. For licensees making loans secured by real property, the sum of the bond is $400,000. For licensees making loans not secured by real property, the sum of the bond is $100,000 per location up to 5 offices. For each additional branch office over 5, the amount of the bond must be increased by $10,000.
Does Washington have a net worth requirement?
No. Washington does not have a net worth requirement.
What is the average time it takes to process a new application?
DFI tries to review all incoming applications within two weeks of the date they are fully complete. If the application has any deficiencies which result in a rejection letter, the application is placed on hold until the deficient items are corrected. At that point, the application is complete and the two week period starts at that time.
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