Message from Deb Bortner, Director of Consumer Services:
The number of mortgage loan originators has increased almost 25% since the first part of 2012, with an increase of just under 1,200 new agents since last November. This has me wondering - where is all this new mortgage business coming from? The deluge of applications is keeping our licensing staff very busy but thankfully they are still managing to process more than 80% of the applications in two weeks or less.
Given these increases, we may end up with almost as many loan originators as we had in 2007. This certainly says something about the housing recovery.
Our enforcement staff continues to spend much of their time on unlicensed loan originators who offer to provide loan modification services. We have tried to get the word out about these scammers but we need your help to warn consumers to stay away from people who promise to “save’ their homes but disappear after the consumer sends them their money.
Our mortgage examination staff has been focusing on getting out to our mortgage broker community so if you haven’t had an examination, you should expect to see us in the near future.
We are also proud to say that Washington is one of only a few states appointed to serve on both the Multistate Mortgage Committee and the Multistate Money Transmitter Committee.
Deb Bortner, Director Consumer Services