Mortgage Brokers
Mortgage Brokers doing business in Washington State must be licensed with DFI's Division of Consumer Services. See below to learn more.
Quick Links for Mortgage Brokers
What's New
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Reminder: Commission Meeting On Tuesday, May 13
The Mortgage Broker Commission will meet on Tuesday, May 13th, from 9 - 11 am at the Bellevue City Hall Council Chamber.
View Meeting Agenda (PDF)*
More Information About the Meeting and the Commission
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Letter from Deb Bortner, Director of Consumer Services, Regarding New Licensing Requirements for Washington State Lenders
Your business practices may be affected by new laws passed during the 2008 Washington legislative session. View the letter (PDF)* sent out by Deb Bortner, Director of Consumer Services, explaining the new laws.
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Legislative Update
Three pieces of legislation passed during the recent session amend 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.
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.
Laws & Rules
- Mortgage Broker Laws - (RCW 19.146)
- Mortgage Broker Rules - (WAC 208-660)
- Consumer Loan Laws - (RCW 31.04)
- Consumer Loan Rules - (WAC 208-620)
Resources
- Mortgage Broker Interpretive Letters
- Mortgage Broker Examination Manual Draft (PDF)*
- 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 Mortgage Broker licensing, please 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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