Mortgage Industry Update

Licensing Updates

License Types	As of October 2018	As of October 2017
Mortgage Broker Main Office	296	291
Mortgage Broker Branch Office	200	195
Consumer Loan Main Office	669	644
Consumer Loan Branch Office	2,553	2,453
MLOs - Active	15,147	15,424
MLOs - Inactive	4,151	3,195

Preparing for Renewals

In less than a month, the annual renewal period opens. Taking steps now ensures you are ready to renew in November. This is important because statistics show that renewal requests submitted in November have the highest chance of approval prior to the end of the year.

Here are some important changes for this year’s renewal:

• Authorizing a new criminal background check and credit report is required for MLO licensees in conjunction with renewals, and
• A temporary fee waiver will reduce the MLO renewal fee from $155 to $75.

Below are steps to complete now so you are ready to renew in November:

Company Licenses

• Ensure all Mortgage Call Report (MCR) filings are current and if you are able to, file your Q3 report now. Standard MCR filers must also be current on the annual Financial Conditions.
• Clear all outstanding license items.
• Review company and branch records for accuracy as the renewal attestation is a legal certification as to record accuracy.
• Finish the Designed Broker’s continuing education which is 9 hours of NMLS approved education, including 1 hour in Washington law – Mortgage Broker Licensees Only.

Mortgage Loan Originators (MLO)

• Clear all outstanding license items.
• Review your NMLS record for accuracy as the renewal attestation is a legal certification of record accuracy.
• Verify you have unexpired fingerprints on NMLS – MLOs must authorize a new CBC to renew.
• Finish Continuing Education which is 9 hours of NMLS approved education, including 1 hour in Washington law.

More information about renewals, including fees, deadlines and Frequently Asked Questions, can be found at the DFI website and the NMLS Resource Center.

Closing Your License – Take Proper Steps

The end of the year always brings a higher than usual amount of licensees not wanting to maintain their license. Properly closing out the license requires more than marking “not renewing” on NMLS:

Company License

• Request surrender of your Washington license in NMLS, and
• Provide a fully completed closure report to the Department within 5 days of surrendering.

Branch License

• Request surrender of your Washington license in NMLS; nothing is needed outside of NMLS

Interim Guidance for Trust Accounts

The Department plans to conduct a rulemaking next year to amend the trust account rules. In the interim, we will post Interim Guidance on the industry website sometime next month. See: Mortgage Broker website.

From the Licensing Team

Below are some reminders for situations the Licensing Team regularly runs across:

• Commute Distance – Both the Mortgage Broker Practices Act and the Consumer Loan Act require a MLO to conduct all licensable activities from a Washington licensed location. If an MLO resides a distance from the licensed work location that raises questions about commuting, the employer may be asked to complete a declaration form certifying the MLO is not working from an unlicensed home or other location.
• Licensed Locations – In recent months, a number of MLOs moved between locations with the same employer. Before you move a MLO from one branch to another, be sure the new location is properly licensed. If the new location is not licensed, the MLO’s license will be inactivate until the location is Washington licensed.

Mortgage Industry Webinar

Information for Mortgage Industry Webinars can be found on the Mortgage Industry Webinar webpage.

Upcoming Dates to Remember

November 1	Start of the Renewal Period
November 14	Q3 MCR Filing Deadline
December 15	Renewal Deadline (if want renewal reviewed before year end)
December 31	End of Renewal Period