Mortgage Broker License Renewals
All Mortgage Broker licenses and Designated Broker Registrations must be renewed each calendar year. The renewal period opens November 1. The deadline to submit a renewal is December 15.
Changes for 2015 Renewal
- Washington is requiring a new Criminal Background Check (CBC) and Credit Report Authorization for all MLO renewals. This impacts companies with a Designated Broker who is also a WA licensed MLO.
- If your Designated Broker is also a MLO licensee, that individual may have expired fingerprints on NMLS so new fingerprints will need to be taken.
Before You Renew
Complete the steps below immediately to ensure renewal compliance.
- Log into NMLS to ensure you know your User Name and Password. This includes both your company and your Designated Broker’s individual account.
- Check for license items on your Washington license. Any unresolved license items will delay and may prevent your renewal.
- File your Q3 Mortgage Call Report (MCR) in October. While the MCR filing deadline is mid-November, file as soon as possible to avoid any challenges.
- Review your NMLS record to ensure it is accurate. Make any necessary changes by creating and submitting a new filing in NMLS. DFI takes this attestation seriously. Submitting incorrect information or omitting information may be grounds for enforcement action.
Authorize a Criminal Background Check (CBC) and Credit Report for your Designated Broker in NMLS if he/she is also a Washington MLO licensee.
CBC Authorization Quick Guide (PDF)* and Credit Report Authorization Quick Guide (PDF)*
Finish required Continuing Education for your Designated Broker. Washington requires 9 hours of NMLS approved Continuing Education consisting of the 8 hour SAFE Core and an additional 1 hour in Washington law.
See: Continuing Education Requirements
Fees for Renewals
Below are the renewal fees for a Mortgage Broker license. Payments by credit card are subject to an additional processing fee. ACH payments trigger an automatic system set license item that automatically clears on the sixth business day, unless there is an issue with the payment.
|On Time Renewal Request- Main (Nov 1-Dec 15*)||$630|
|On Time Renewal Request- Branch (Nov 1-Dec 15*)||$550|
|Designated Broker Registrant Renewal Request||$30|
|Late Renewal Request- Main (Jan 1-Feb 28)||$895|
|Late Renewal Request – Branch (Jan 1-Feb 28)||$815|
|Continuing Education (CE)||Prices Vary|
*While renewals can be submitted until 12/31/14, you must submit your request by 12/15/14 if you wish to have it reviewed before Dec 31.
The Renewal Process
Below are the steps to renew your license. Renew early! DFI will not renew any MLO licenses sponsored by you until your company renews.
- Verify your Designated Broker’s Continuing Education is viewable on his/her NMLS record.
- Ensure Designated Broker attested to his/her record in NMLS.
- Submit a renewal request for both your Mortgage Broker license and your Designated Broker’s Registration. If your Designated Broker also holds a WA MLO license and/or your company has WA branch licenses, renew these at the same time as the Mortgage Broker license.
- Pay your renewal fees through NMLS.
After you submit and pay for your renewal:
Monitor your NMLS record or email for notifications. DFI exclusively uses license items to communicate with licensees regarding issues preventing renewal processing.
DFI processes renewals in the order received. Each renewal must be reviewed and a decision made. The timeline for reviewing a renewal can vary.
Need further assistance? The NMLS Renewals Quick Guide (PDF)* outlines the steps for renewing your license on the NMLS. The NMLS Call Center is also available at 855-NMLS-123.
Frequently Asked Questions
What is Washington’s deadline to submit a Mortgage Broker renewal?
Mortgage Broker renewals must be submitted by December 15. Renewals can be submitted through December 31, however, DFI will not be able to process renewals submitted after December 15 before the start of 2015.
What if my renewal isn’t approved by December 31?
Your license will expire which means you cannot act as a mortgage broker in Washington until your renewal is approved.
What does it cost to renew a Washington Mortgage Broker License?
The cost to renew a Mortgage Broker license on or before December 31 is $630 for the main office and $550 for each branch office. This includes the $530 renewal fee and the $100 NMLS System Fee for a main office. For a branch office, this includes the $530 renewal fee and the $20 NMLS System Fee. Credit card payments are subject to an additional processing fee.
A Mortgage Broker license must be renewed in conjunction with the Designated Broker Registration renewal. That renewal fee is $30.
What is Washington’s Continuing Education requirement?
Washington’s Continuing Education requirement for Designated Broker Registrants is 9 hours of NMLS approved CE, including 1 hour in Washington law.
Are there specific Continuing Education courses which must be taken?
Yes. All continuing education courses must be NMLS approved Continuing Education (CE). 3 hours must be in Federal law and regulations, 2 hours must be in ethics, 2 hours must be in lending standards for nontraditional mortgage products, 1 hour must be in Washington law and the final 1 hour is an elective.
I submitted my renewal request but it isn’t approved yet. What should I do?
DFI processes renewals in date order received. There are very common reasons why a renewal may not yet be approved.
- DFI has not reviewed your renewal request.
- There are outstanding items on your license. You can log into your NMLS record and review any Requirements or Deficiencies placed on your record by DFI.
Who can help if I forgot my password to the NMLS?
You can use the “Forgot Password” option on the NMLS login screen. Otherwise, you can contact the NMLS Call Center at 855-NMLS-123.
Who can I call for help navigating the renewal system in the NMLS?
The NMLS Call Center is available Monday-Friday. Their phone number is 855-NMLS-123.
What happens if I do not renew my license by December 31?
Your license will expire which means you will no longer be able to act as a mortgage broker in Washington. Licenses can still be renewed after December 31, but they will be subject to a late fee and a Declaration of Activity.
What is the late renewal fee for a Mortgage Broker license?
If you renew your Mortgage Broker license late, the fee is $895 for the main office and $815 for each branch office. This includes the $530 renewal fee, $265 late fee and $100 NMLS System Fee for a main office. For a branch office, this includes the $530 renewal fee, $265 late fee and $20 NMLS System Fee.
The following is a list of resources available to help Mortgage Brokers renew for 2015.
* 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.