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Featured Articles
Rulemaking
DFI has begun a narrowly focused rulemaking to make technical changes to the renewal requirements for mortgage loan originators under the Mortgage Broker Practices Act, chapter 208-660 WAC.
The rules for renewal must be amended to be consistent with the federal SAFE Act renewal requirements. Renewal candidates must continue to meet the same standards for licensing renewal as those required at the initial licensing.
Initial rulemaking document: CR-101 (PDF)
Access the rulemaking webpage: http://dfi.wa.gov/cs/current_rulemaking.htm
#mbpa-2011
Enforcement Actions
See 2011 enforcement actions taken by the Division of Consumer Services.
Message from Deb Bortner
Director of Consumer Services
"As Washington begins the process of pulling out of the current economic crisis we at DFI are seeing a gradual increase in license applications across several industry programs. In particular we have already received approximately 1,300 Mortgage Loan Originator applications so far this year."
"With this increase in applications, we felt that now is a good time to provide tips on how to make the application process as streamlined and cost effective as possible for your new loan originators. While the following is advice specifically for MLO applications, the principles apply to all our license applications..."
Certain Employees of Loan Servicing Companies Must License as Mortgage Loan Originators Before October 1, 2011
Because of the continued high volume of struggling homeowners, loan servicers are encouraged to continue to modify residential mortgage loans when possible. The Consumer Loan Act, however, requires certain individuals employed by loan servicers to have a mortgage loan originator (MLO) license.
Legislative Update – Changes to State Law
There have been several changes to
state law that you should know about.
We've put together an update regarding these changes.
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