Number of licenses:
|License Types||Count as of
|Count as of
|Mortgage Broker Main Office||372||394|
|Mortgage Broker Branch Office||167||180|
|Consumer Loan Main Office||433||411|
|Consumer Loan Branch Office||1,322||1,118|
|MLOs Active & Inactive||8,501||7,827|
It’s time to renew your Washington license. The renewal period opened November 1 and Washington’s renewal deadline is December 14. Be aware that there are some changes to the renewal process.
Mortgage Broker Company Licensees Only:
Mortgage Loan Originators (MLO):
November 01: Renewal period opens
December 14: Washington’s renewal deadline
December 31: Non-renewed licenses expire
Lastly, renew early! The benefits to taking action in November include allowing plenty of time for a review of your renewal and less stress during the final busy weeks of the year.
DFI plans to stop issuing PDF licenses for MLOs effective November 1. The move is an effort to streamline the license or amendment process and end duplicative work for both DFI and stakeholders. Individuals and sponsoring companies can access a MLO’s license and sponsorship status through the individual’s NMLS record. Additionally, MLOs and their sponsoring company already receive real-time NMLS notification for all license, sponsorship and renewal approvals.
Please pass this information to all lenders or any other third parties who rely on the PDF license to verify licensure. After November 1, MLOs can prove license status in one of two ways:
The deadline for filing the Quarter 3 Mortgage Call Report (MCR) is November 14. At that time, all Consumer Loan and Mortgage Broker licensees must be current on all required MCR filings. Licensees are also reminded that the Financial Conditions (FC) component of the MCR is due 90 days after your company’s fiscal year end.
How do I know if I filed all prior required Mortgage Call Reports?
Check your NMLS record for Active License Items. The system set deficiencies for all missing MCR filings. A deficiency for failing to file the Q3 MCR will not be set until after the November 14 deadline.
How do companies file the Mortgage Call Report?
The Mortgage Call Report is filed through the NMLS. The Company User will log into the NMLS and complete the Mortgage Call Report under the Filing Tab. For more details, see the Mortgage Call Report information on the NMLS website.
DFI has again reviewed RESPA and the RESPA FAQs regarding interpretation of the GFE Important Dates Line 3. DFI has determined that the line only requires a number of days if the interest rate is locked. If the interest rate is not locked, the licensee must put “NA” in the space. When the interest rate is subsequently locked, the number of days for the lock period must be put in the space.
Leaving the space blank can cause confusion to borrowers. Both the Consumer Loan Act and the Mortgage Brokers Practices Act prohibit any action that may mislead or misrepresent loan terms or conditions to borrowers. In addition, the rules implementing the Consumer Loan Act prohibit the practice of leaving blank fields on documents.
References: RCW 31.04.027; RCW 19.146.0201; WAC 208-620-550(7)
Is your company’s home webpage in compliance with Washington state law? Remember, the more compliant your company is, the less often DFI may find it necessary to examine your company.
Common Website Violations