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Division of Consumer Services

The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. The division accomplishes its mission through licensing, conducting examinations of the books and records of licensees, investigating consumer complaints, and enforcing selected state and federal statutes and rules relating to lending practices.

Learn more about the Division of Consumer Services.

Upcoming Mortgage Broker and Consumer Loan Changes

Bonding Requirements Determined by Transaction Volumes

Effective
1/1/2010

Beginning January 1, 2010, the bond amounts required under the Mortgage Broker Practices Act (MBPA) and the Consumer Loan Act (CLA) will be determined by loan origination volume
Bonding levels based on loan origination volumes will be determined through the rule writing process
All new CLA and MBPA applications received after October 31, 2009 will require evidence of meeting these new bonding requirements

Mortgage Brokers Who Lend Must have A CLA License

Effective
1/1/2010

Beginning January 1, 2010, non-delegated correspondent lenders licensed under the MBPA must hold a CLA license in order to make residential mortgage loans
To avoid potential business interruption and ensure timely licensure, DFI recommends that all MBPA licensees wishing to make residential mortgage loans apply for a CLA license no later than October 31, 2009
MBPA licensees that transition to the CLA in 2009 will not have to pay assessments or file their CLA annual reports for 2009
MBPA licensees transition to the CLA can elect not to renew their MBPA license for 2010
Brokering and table funding remain permissible under the MBPA

What's New

Loan Modifications - License Required
Companies and individuals providing loan modification services in Washington must be licensed as mortgage brokers, consumer loan companies, or loan originators. Upfront fees for services are prohibited. Learn more.
Mortgage Broker & Loan Originator 2009 Renewal & Reinstatement Period Ends
The renewal and reinstatement period for Mortgage Broker and Loan Originator licenses has ended. If you did not submit a renewal or reinstatement request by February 28, 2009 and you wish to hold either of these Washington licenses, you must re-apply for the license.

Apply For A Mortgage Broker License
Apply For A Loan Originator License
2007 Payday Lending Report
Statistics & trends for the payday lending industry View report (PDF)*.
Reverse Mortgages
License holders under both the Consumer Loan Act (CLA) and Mortgage Broker Practices Act (MBPA) can broker reverse mortgages to entities exempt from the CLA (nationally chartered entities). The lending entity must be exempt from the CLA due to RCW 31.04.125, a provision in the CLA that prohibits the compounding of interest on loans secured by real estate. Examples of exempt entities are Washington chartered banks, credit unions, their affiliates or subsidiaries and nationally chartered banks, credit unions, or their affiliates or subsidiaries

Contact Cindy Fazio, 360-902-8800 if you have questions.
More News And Updates...
-- Current Rulemaking Activity
-- Sign Up To Receive E-Mail Updates From DFI's ListServs

Who We License

The Division of Consumer Services licenses the following financial institutions:

Enforcement: View administrative actions taken by the Division of Consumer Services

For Consumers

Verify A License
Verify that you are working with an institution licensed by DFI.
File A Complaint
File a complaint against an institution licensed by the Division of Consumer Services.
Free Foreclosure & Homeownership Counseling
Free state sponsored counseling is available to Washington residents who are facing foreclosure, thinking of buying a home, or considering refinancing.
Ameriquest Settlement Information
Information for consumers regarding the Ameriquest settlement.

Contact Us

Mailing Address:
Department of Financial Institutions
Consumer Services Division
PO Box 41200
Olympia, WA 98504-1200

Phone Numbers:
Main Telephone Line: (360) 902-8703
Toll Free: (877) RING DFI (746-4334)
TDD: (360) 664-8126

Email: dcs@dfi.wa.gov

Please also see our staff directory.

* 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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