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Summer 2019 Newsletter
Proprietary Reverse Mortgage Products
Are you a Consumer Loan lender who’s thinking about offering proprietary reverse mortgage products to Washington consumers? If so, you need to be aware of the Department’s requirement to apply for approval prior to offering these types of loans.
To expedite the Department’s review of your application, you should do the following:
- Review the requirements of the Revised Code of Washington (RCW) 31.04.500 through 31.04.540 and the Washington Administrative Code (WAC) 208-620-800 through 208-620-850.
- Submit all required documents for review.
- Clearly describe at a high level each product you are applying for in an entry letter.
- Clearly point out per WAC requirement each document (including page number) you are submitting to demonstrate compliance. If a certain WAC requirement doesn’t apply to you, then state “N/A” with a description of why it is not applicable.
The following excel document has been created to assist with this: Proprietary Reverse Mortgage Products (excel)
- After you have completed your application, email the Department’s Consumer Services Exams Unit at: email@example.com to request a Box.com folder for your document submission. Please state your intention to apply in the email.