Mortgage Brokers News
The Division of Consumer Services proudly presents the Fall Edition of our newsletter, FYI Financial News.
Compliance with the Military Lending Act (MLA), 32 CFR Part 232, is mandatory beginning October 3, 2016, except that credit card issuers have until October 3, 2017 to comply.
DFI will hold a mortgage industry stakeholders meeting via webinar on Thursday, October 13, at 9 am.
The Summer 2016 Division of Consumer Services newsletter is now available.
Audio and slide deck from May 3, 2016 meeting now available.
DFI has amended the rules under the Mortgage Broker Practices Act. The amended rules become effective April 30, 2016.
The Department wants to caution licensees about “social engineering” scams targeting licensees and their customers. Social engineering scams are when hackers use information about the target gathered from various social media sites or online avenues to gain access to sensitive facets of the victim’s identities.
Documents and video recording from the October 22, 2015 mortgage industry webinar are now available.
The Mortgage Broker Practices Act, chapter 19.146, was amended during the recent legislative session by SSB 5299 (Chapter 229, Laws of 2015). DFI has filed a CR-101 to begin rulemaking to propose amendments to the rules to make changes consistent with the amended law, and to make technical and clarifying changes to the rules.
DFI has filed a CR-101 to propose amendments to the rules implementing the law. The rules will be proposed for amendment for consistency with the recent legislation passed, and to make technical and clarifying changes as necessary.
Many people already know Microsoft has announced that on April 8, 2014, Windows XP will reach the end of its support lifecycle and will no longer be supported. The discontinuing of support means that Microsoft will no longer provide security patches, technical assistance or support for Windows XP. After April 8, 2014, Washington State Department of Financial Institutions (DFI) will consider all devices connected to the Internet running Windows XP a serious security risk. Devices include: PCs, Laptops, and Tablet PCs
The new National SAFE MLO Test Component with uniform state content was implemented April 1, which creates a single test that can meet both the national and state testing requirements of the SAFE Act. In 20 states, MLOs seeking licensure with their state regulatory agency will no longer be required to take a second, state-specific test component.
DFI has adopted rules increasing the number of prelicensing education hours required for mortgage loan originators prior to licensing. The addition of two hours brings the total number of hours specific to Washington law to four.