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?
All Consumer Loan license applications must be submitted through the Nationwide Mortgage Licensing System (NMLS). An applicant must submit a MU1 for the main office along with a MU2 for each control person and a MU3 for each branch office through the NMLS.
Must I submit other information in addition to the MU forms?
Yes. Please refer to the Consumer Loan New Application Checklist 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 companies new to Washington, the surety bond must be at $100,000, unless the company is servicing loans only which requires a $30,000 surety bond. If the company has loan origination volume from the previous year in Washington, the company can use that volume to determine the bond amount. See WAC 208-620-320 for bond amounts.
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 do an initial review all incoming applications within two weeks of the date the paperwork is submitted. If the application has any deficiencies, they are noted as deficiencies in the NMLS and the application is placed on hold until the deficient items are corrected.
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