Mortgage Industry Update

Licensing Updates

License Types As of July 2019 As of July 2018
Mortgage Broker Main Office 308 296
Mortgage Broker Branch Office 233 195
Consumer Loan Main Office 692 660
Consumer Loan Branch Office 2,570 2,559
MLOs - Active* 14,609 15,362
MLOs - Inactive* 2,408 3,080

* 3,715 MLO licensees report a work address located within Washington State as of March 31

Preparing for Renewals

Get a jump on renewals by taking action during the summer to ensure a smoother renewal in November.

What can be done now?

  • Complete the required continuing education (CE). Classes are available with plenty of space and less pressure than in the fall. During the third week in July, all individuals who are not CE compliant will receive the annual CE reminder license item in NMLS. Companies and individuals can use this license item to track those who have not completed CE and are not eligible to renew. To find CE courses, view the NMLS Master Course Catalog.
  • Resolve all outstanding license items on your NMLS record. License items are requests from either regulators or the system to make a change to your record and require prompt attention. Unresolved license items slow the processing of renewals and can delay other requests. To check for license items, use the Individual License Status Quick Guide. If you believe a license item is resolved, email the person listed in the license item or

Temporary Authority to Operate for Certain MLOs

Development work continues in NMLS to accommodate the upcoming temporary authority to operate for certain MLOs. Temporary Authority, effective November 24, 2019, allows eligible individuals to continue MLO activities while meeting the state license testing and education requirements. As part of the system development, NMLS will deploy a new release July 20. This will add a field to the relationship screen where a company can designate an MLO’s employment status. Expect specific details from NMLS ahead of the July 20 release.

Expect more information about Temporary Authority to operate from DFI in the coming months. See Sec. 106 of S. 2155, also known as Public Law No. 115-174 for the amendatory language to the SAFE Act.

Residential Mortgage Loan Servicing Examinations

Examination Summary- April through June 2019

Exam Type Rating Number of Licensees
File Reviews 1 2
File Reviews 2 6
File Reviews 3 3
File Reviews 4 0
Desk Review w/o Files n/a 1

License Items Marked Private

Individuals assisting MLO licensees may have noticed a higher number of license items marked private in NMLS. An April release defaulted any license items for MLOs under the categories custom license item, background check, credit report clarification, credit report required, fingerprint, and disclosure as private. Private license items are only visible to the MLO because they often contain sensitive information. Here is a Quick Guide (starting at the bottom of page 1) for MLOs to review outstanding license items.

Tips from Licensing Staff

Below are some tips or reminders from our Licensing Staff:

  • Mortgage Loan Originator Legal Name – A MLO’s NMLS record must be in the individual’s full legal name. Often, new applications reflect only a first and last name, but legal documents show a middle name. This delays the application process. To avoid this common pitfall, be sure the MLO’s legal name is on the NMLS record and if that legal name does not include a full middle name, be sure to upload supporting legal documents.
  • Mortgage Loan Originator Email Address – The email address listed on a MLO’s individual record in NMLS is the only email available for regulators to use to reach the MLO. An increasing number of MLOs reflect an email address from a former employer, which delays any employment change. Before submitting a sponsorship request, ensure the MLO’s email address is correct.
  • Processing times for applications – A common request from applicants includes current processing or turnaround times. Our goal is to review MLO and branch applications within two weeks of the date of submission. Company applications vary depending on the application and the responsiveness of the applicant, but we strive to complete a first review within a week of application submission.

Mortgage Broker Forum Updates

The next Mortgage Broker Forum meeting is scheduled for Tuesday, October 8 at the Renton Community Center. If you have questions about the Mortgage Broker Forum, contact Jeff Lorsch, Evergreen State Mortgage.

Microsoft Windows 7

Microsoft announced that it plans to end support for Windows 7 effective January 14, 2020. This means Microsoft will no longer provide technical assistance and software updates for Windows 7 after that date. Continuing to run Windows 7 after January 2020 may put a device at enhanced risk of cybercrime including hacking and data breaches.

Microsoft strongly recommends users of Windows 7 move to Windows 10 before January 2020. Support for the internet browser Explorer on a Windows 7 device also ends January 14, 2020.

More information on support ending for Windows 7 is available from Microsoft.

Upcoming Dates

  • Third Week in July - Annual CE Reminder License Item set
  • August 14 - Q2 Mortgage Call Report Filing Deadline