Loan Originators FAQs
See below for DFI's answers to questions frequently asked about Loan Originators.
Now that I have my Loan Originator license, can I work anywhere in Washington?
No, you can only work from a licensed Mortgage Broker's licensed location (main or branch office).
What if I renewed my Loan Originator license on time, but didn't receive an email notification with the license attached?
Send an e-mail to dcs@dfi.wa.gov. Provide in the e-mail your name, the last 5 digits of your license number (if you have it), and the date you renewed. Please also provide us with a current working e-mail address or fax number. We will respond as quickly as possible.
Which license number must I display and when?
- Always display your Loan Originator license number (510-LO-#####) right after your name on all advertising (including stationery and business cards) and on any loan documents that contain your name (like the 1003).
- Only display the Mortgage Broker main (510-MB-#####) or branch (510-MB-#####-#####) license number when the licensed company name does NOT appear with the trade name (DBA name).
How many Continuing Education hours do I need each year? (See WAC 208-660-370)
- Licensed Loan Originators must complete two approved courses each year. In your first year of holding a Loan Originator license, one of your two approved courses must be ethics.
- Approved Designated Brokers must complete three approved courses each year.
Approved courses must be at least three hours long. You'll find a list of approved course providers online at http://www.dfi.wa.gov/cs/educatandtesting.htm for your review.
How do I tell DFI that I want to change companies?
- Transfer your relationship from one company to another (keeping only one relationship).
- Add an additional company relationship (yes, you may work for multiple companies).
- Terminate a relationship (when you leave a company).
Do I have to put my Loan Originator license number after my name on holiday cards to customers?
Yes, if you use your name and the Mortgage Broker company name OR if you use only your name but your message solicits future business.
No, if you use only your name AND your holiday greeting does not solicit business
Related Pages
[Top]
