Mortgage Industry Update
Licensing Updates
| License Types | As of April 2020 | As of April 2019 |
| Mortgage Broker Main Office | 320 | 302 |
| Mortgage Broker Branch Office | 219 | 208 |
| Consumer Loan Main Office | 718 | 667 |
| Consumer Loan Branch Office | 2,767 | 2,530 |
| MLOs - Active | 16,087 | 14,133 |
| MLOs - Inactive | 1,367 | 1,879 |
MLO Guidance Extended to July 10, 2020
The Department is extending the March 5, 2020, Interim Guidance – Temporarily Working From Home – to July 10, 2020. This extension is in line with the Governor’s Safe Start plan and ongoing efforts to keep everyone safe while helping our economy keep working. The original and extended Guidance can be found on the Department’s Coronavirus webpage.
Recent NMLS Release Brings Changes to NMLS Consumer Access
At the request of the mortgage industry, the recent NMLS system release brought an update to the NMLS Consumer Access website. The change affects the display for Mortgage Loan Originators (MLO) with Temporary Authority to Operate. Prior to the release, the “Authorized to Represent” field populated only upon the acceptance of a sponsorship request. The system update on April 20 changed the rule so the field populates upon sponsorship request or acceptance. This update is only for MLOs with Temporary Authority.
The April 20 system release brought several other changes affecting mostly regulator users. The release did include a new MLO TA Eligibility Report for company users.
Latest on Temporary Authority to Operate for MLOs
The final days of April mark the completion of the first five months of Temporary Authority to Operate for Mortgage Loan Originators (MLO). The federal law authorizing Temporary Authority took effect November 24, 2019. It allows certain eligible MLOs to continue operating as a MLO while their state license application is pending.
Some interesting numbers on Temporary Authority include:
- Nationally, through the end of 2019, about half of MLO applications submitted qualified for Temporary Authority; most MLOs qualified due to holding a license in another state.
- In Washington, more than 1,000 applications qualified for Temporary Authority; of those nearly 725 received WA MLO licenses.
- Temporary Authority allows the applicant 120 days to complete required testing and/or education before the removal of Temporary Authority. The first applications reached the end of the 120 days at the end of March.
Visit the Temporary Authority to Operate webpage to learn more about Temporary Authority, including eligibility requirements.
PearsonVue Testing Locations Closed for Safety
Applicants preparing to take the Designated Broker test should be aware that PearsonVue closed many testing locations effective March 16. See the PearsonVue website for more information. Applicants impacted by this closure should email CSLS1@dfi.wa.gov for additional direction.
For information about the MLO Test availability as well as the impact of COVID-19 on other NMLS vendors, visit the NMLS Coronavirus/COVID-19 Update page.
Expedited Application Process for Military
Don’t forget, the Department offers expedited MLO application processing for military members, veterans, spouses, and dependents. Individuals who qualify should review the amended MLO New Application Checklist for specific directions.
The Department is committed to supporting our military members, especially those transitioning from military service, and spouses and dependents who often must relocate with their military family member. The expedited application processing supports Governor Inslee’s Executive Order 19-01 supporting veteran and military family transitions.
Mortgage Broker Forum Updates
The Mortgage Broker Forum meeting for April was cancelled due to the COVID-19 virus. No new date has been set.
Upcoming Dates
- May 12 - Mortgage Industry Webinar
- June 14* - Q1 Mortgage Call Report Filing Deadline
* The Department is following the NMLS Policy Committee’s amended policy allowing a 30-day extension for the filing of certain reports, including the Mortgage Call Report.