Home > Consumer Services > Mortgage Brokers

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

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

Requirements To Apply For A Loan Originator License Changing
With the passage of the federal SAFE Act, the requirements to apply for a Washington Loan Originator license will change. Learn more.
BAP Rulemaking Update - CR-103 Filed On June 2, 2009
On June 2, 2009, DFI filed a CR-103 (PDF)* to amend the BAP rules in the mortgage broker practices act. The amendments take the BAP process out of loan originator licensing, amends them, and puts them in a newly created section, WAC 208-990-009 that more generally offers information about the administrative appeals process. The amendments would allow the BAP for more categories of agency actions. View the adopted language (PDF)*.
Rulemaking For Laws Of 2009
DFI anticipates rulemaking on the laws of 2009. See the CR-101 (PDF)* for more information.
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.
Loan Originators Working For CUSOs Can License Via The NMLS
Residential mortgage loan originators working for Credit Union Service Organizations (CUSOs) can obtain a license via the NMLS. To sponsor their loan originators, CUSOs must register as exempt mortgage brokers on the NMLS. Please see DCU Bulletin B-09-01 for additional information about this federal licensing requirement.

Apply For A Loan Originator License
Register Your CUSO As An Exempt Mortgage Broker
2008 Mortgage Annual Report Due March 31, 2009
Licensed Mortgage Brokers must deliver their completed report to DFI by March 31, 2009. Learn more.
SHB 2770 Rulemaking - "Disclosure Summary"
Disclosure summary rules and model disclosure summary are now available online for review. Learn more.

Mortgage Broker Practices Act Legislative Update

Full 2009 Legislative Report From DFI

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)

1 Page Disclosure Summary Forms And Instructions

Print Only PDF Versions of Disclosure Summary Forms

Microsoft Word Versions Of Disclosure Summary Forms

How To Use The 1 Page Disclosure Summary Forms

Disclosure Summary Forms Instructions (PDF)*

Resources

Mortgage News and Information Newsletters

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.

[Top]