1) Any tips for the application process?Carefully review the New Application Checklist to ensure all items are completed and provided as requested.
Do not provide application documents separately – all documents to be uploaded should be uploaded in the application filing, all documents to be emailed should be attached to a single email and sent the day to the application is filed in NMLS.
Review your NMLS account often for deficiencies to be posted. DFI notifies you about requirements and missing/incomplete items on NMLS. See: How to review License Items in NMLS
All Consumer Loan license applications must be submitted through the NMLS. An applicant must submit a Company form (MU1) for the main office along with an Individual form (MU2) for each control person and a Branch form (MU3) for each branch office through the NMLS.
2) Must I take any other action once I submit the application in NMLS?Yes – there are two declaration forms which must be emailed to MortgageLicensing@dfi.wa.gov. Refer to the New Application Checklist for these forms.
If the control people do not have fingerprints on NMLS, you must schedule an appointment to have their fingerprints taken. Go to Schedule a Fingerprint
The Primary Company Contact must monitor emails for notifications through NMLS of items which are missing or need correction and respond promptly.
3) What is the application fee for Consumer Loan Main Office and Branch Licenses?The application fee for a new Consumer Loan Main Office License is $1,162.21 which includes the NMLS processing fee.
The application fee for a new Consumer Loan Branch Office License is $604.46 which includes the NMLS processing fee.
4) Is there a surety bond requirement?
Yes, for most Consumer Loan license applicants. The surety bond must be $30,000 for all mortgage brokers, lenders, residential loan modification entities, and student education loan servicers. Entities conducting only residential mortgage loan servicing do not have a bond requirement unless they elect to obtain one in lieu of net worth. See WAC 208-620-320.
The surety bond must be an Electronic Surety Bond (ESB) through NMLS, not issued in paper. See ESB for Licensees.
5) Does Washington have a net worth requirement?
It depends. There is no net worth requirement for applicants conducting mortgage brokering, lending, and residential loan modification services. Servicing applicants must have a minimum net worth. See WAC 208-620-321 through 208-620-324.
6) How long will it take to review a new application?DFI’s goal is to review all incoming applications within 2-3 days of the date the documents and online application are submitted. Any incomplete or missing items are noted as License Items in NMLS and the application is placed on hold until the deficient items are corrected.
Tip: If you want to check the status of the application, you can see it in NMLS when you login to your company account.
Here are additional reasons why the processing of a Consumer Loan application is delayed:
- Company’s website doesn’t contain the required 3 elements as noted on the New Application Checklist
- Company’s toll free phone number is missing in NMLS
- Complaint Resolution (uploaded in NMLS) is missing or does not contain the required minimum elements as noted on the New Application Checklist
- Company’s source of funds (uploaded in NMLS if warehouse lines) is missing, incomplete, not fully executed or are expired.
- Company not registered with all of the following: Washington Secretary of State, Business Licensing Services or Department of Revenue. See: Consumer Loan Application Page.