I hope you are all having a good autumn. We had a very busy summer and early fall at the Agency. While we continue to lose employees to the Consumer Financial Protection Bureau (who wouldn’t want to double their salary and work out of their home?) we are thrilled to have attracted several of them back. They decided that autonomy, flexibility, and awesome colleagues were more important.
Towards the end of the summer, Consumer Services took over an independent escrow agent when we discovered that the owner was redirecting settlement checks to her private account and she was altering bank account statements she was required to provide to the Department. When it appeared that our statutory authority to actually run the business was not clear, we went to court and obtained a receiver who is in the process of determining the total amount of the shortfall.
While differences exist in renewal requirements and steps between license types, there is one key to success for all license types; be prepared. The more you know about what’s required and the earlier you act, the more successful your renewal will be.
The goal of the Consumer Services' Enforcement Unit is to resolve consumer complaints and referrals from the Licensing and Examinations Units, and to review our licensees’ compliance with the applicable statutes and rules. The Enforcement Unit receives more than 100 complaints each month. One of the initial steps is to send out a Directive to the individual or company against whom the complaint was filed. Most Directives simply request information and documents related to the complaint. This article describes the process and steps you may wish to take.
Several bills passed during the legislative session take effect in June.
The rules that were adopted August 29, 2012, became effective November 1, 2012. DFI has also begun a new rulemaking that will propose an increase in the number of Washington specific pre-licensing education hours required prior to licensure for a Mortgage Loan Originator license.