Loan Originators
DFI's Division of Consumer Services licenses Loan Originators doing business in Washington.
All Loan Originators Must Have A License
Effective January 1, 2008, all Loan Originators must have a valid Loan Originator license in order to conduct business in Washington. Submitting an application does not permit you to conduct business. You must be issued a valid Loan Originator license and pass the Promissor test before conducting business in Washington. See below for more information.
Quick Links For Loan Originators
What's New
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DFI Joins the Nationwide Mortgage Licensing System (NMLS)
Effective July 1, 2008, DFI uses the NMLS to manage Loan Originator licenses. All initial applications and amendments must be submitted through the NMLS. Learn more about the NMLS. -
Spring 2008 Mortgage Newsletter
The Spring 2008 Mortgage Newsletter includes information about SB 6471, NMLS, and unfair or deceptive practices under the Mortgage Broker Practices Act. View newsletter.
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Expedited MBPA Rulemaking - WAC 208-660-550 (Department Fees And Costs)
To confirm recently adopted and effective fee increases, and to further amend the fees section in light of I-960, DFI has begun an expedited rules process. No fees are changed by this expedited rule amendment process. Learn more.
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Legislative Update
Three pieces of legislation passed during the recent session that amends the Mortgage Broker Practices Act, chapter 19.146. RCW.
1. SHB 2770 (PDF)* – the Governor’s Omnibus legislation implementing the recommendations of the Homeownership Task Force. This legislation impacts Banks, Credit Unions, the Consumer Loan Act (CLA), and the MBPA. The bill addresses prepayment penalties, negative amortization loans, the federal guidance on nontraditional mortgage products and subprime lending, and makes mortgage fraud a class B felony.
2. SB 6471 (PDF)* – This legislation amends the CLA and MBPA. All lenders, except those making loans under chapter 63.14 RCW, must have a license under the Consumer Loan Act. Lending is no longer allowed under the MBPA. The link to the bill is:
3. SB 6381 (PDF)* (Pending Governor Signature) – This legislation amends the MBPA by imposing a fiduciary duty relationship between mortgage brokers and borrowers.
DFI will begin rulemaking this spring to implement the changes.
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Addressing Your Expired Loan Originator License
Were you issued a Loan Originator license in 2007 but didn't renew that license? Learn how to reapply for a Loan Originator license.
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Promissor Test Certificate Required
Effective December 10, 2007, all Loan Originator applicants must submit a copy of their Promissor certificate as documentation of passing the test. Loan Originator applicants will not receive a license until they have passed the Promissor test. Learn more.
Laws And Rules
- Mortgage Broker Laws - (RCW 19.146)
- Mortgage Broker Rules - (WAC 208-660)
Resources
- Mortgage Broker Interpretive Letters
- CSBS/AARMR/NACCA Statement on Subprime Mortgage Lending
- CSBS/AARMR Guidance on Nontraditional Mortgage Product Risks
- Guide to Interest Rates in Washington State
- DFI's Free Guide to Home Loans for Consumers
Mortgage News And Information Newsletters
Keeping Data Secure
To protect non-public sensitive information from unauthorized access, the Department of Financial Institutions (DFI) does not send, receive, or request the transmission of unencrypted electronic non-public sensitive information. Learn more.
Contact Us
If you have any questions about Loan Originator licensing, feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at dcs@dfi.wa.gov.
* 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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