Mortgage Industry Update
|License Types||As of May 2021||As of May 2020|
|Mortgage Broker Main Office||340||323|
|Mortgage Broker Branch Office||184||218|
|Consumer Loan Main Office||795||721|
|Consumer Loan Branch Office||3,369||2,814|
|MLOs - Active||21,066||16,504|
|MLOs - Inactive||1,937||1,505|
Mortgage Loan Originators Working from Home
With the passage of SB 5077, the Department has begun the rulemaking process to amend both the Mortgage Broker Practices Act rules (WAC 208-660) and the Consumer Loan Act rules (WAC 208-620). The legislation provides authority, under certain circumstances, for licensed companies to allow licensed mortgage loan originators (MLOs) to work from their residences without the company licensing the residence as a branch office of the company. See the Department’s Rulemaking page for more information on the open rulemaking.
The Licensing Unit is receiving inquiries from licensed companies on how to handle employment history and sponsorship in NMLS for MLOs working from their residence. Similar to MLOs currently working under the Interim Regulatory Guidance, the sponsoring company should list a WA licensed location (main or branch office) as the MLO’s registered location and the MLO should reflect that location’s address in their employment history. Any additional questions on MLOs working from home can be directed to MortgageLIcensing@dfi.wa.gov
Industry Work Session for MLO Working from Home Rulemaking
The Department has scheduled a work session for industry to discuss rulemaking under the Consumer Loan Act and the Mortgage Broker Practices Act. The work session will be on June 15 at 11am Pacific Time. Visit our Agency Rulemaking Page for the login information for the work session and to view rulemaking documents.
Mortgage Industry Webinar
Mark your calendar for the Department’s next Mortgage Industry Webinar. The webinar is scheduled for Wednesday, June 2 at 9am Pacific Time. Dial in information for the webinar can be found on the Mortgage Industry Webinar page.
Mortgage Broker Forum Updates
The twice-yearly Mortgage Broker Forum meeting was held virtually in March 2021. The agenda covered the legislation allowing MLOs to work from home without the home being licensed and a brief Licensing and Examination unit update. The next meeting will be in October 2021.
For information on the Mortgage Broker Forum, contact Jeff Lorsch, 206-200-5363, or email@example.com
- June 2 - Mortgage Industry Webinar
- June 15 - Industry Work Session for MLO Home Offices Rulemaking
- August 14 - Q2 Mortgage Call Report (MCR) filing deadline
- Mid Aug - CE license item set on MLOs who aren’t 2021 CE compliant