From the: Fall 2022 Consumer Services Newsletter

Fall 2022 update for the mortgage industry.

Licensing Numbers

License Types As of October 2022 As of October 2021
Mortgage Broker Main Office 362 348
Mortgage Broker Branch Office 240 211
Consumer Loan Main Office 950 834
Consumer Loan Branch Office 3,785 3,611
MLOs – Active 22,745 23,300
MLOs – Inactive 9,439 3,535

Preparing for Renewals

With the start of November, it’s time to renew! Taking steps now ensures you are ready to renew. 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 items of note for this year’s renewal:

  • Authorizing a new criminal background check (CBC) and credit report are required for MLOs
  • A temporary fee reduction will reduce the MLO renewal fee from $155 to $75 (if submitted on or before 12/31/22).
  • The Department uses auto-renewal functionality for MLO renewals; if the individual has no license items or outstanding issues, the renewal will automatically process rather than be subject to manual review.

Below are steps to complete before renewing:

Company Licenses

  • Ensure all Mortgage Call Report (MCR) filings are current.  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; license items will delay renewal processing.
  • Review your record for accuracy as the renewal attestation is a legal certification as to record accuracy.
  • 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, is available on the NMLS Resource Center.

Closing Your Company or Branch License – Take Proper Steps

The end of the year always brings a higher than usual amount of licensees not wanting to maintain their company or branch license(s). Properly closing the license requires more than marking “not renewing.”

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.

Tips from the Licensing Unit

MLOs changing employers or reactivating their license can be a challenging time. The MLO has clients they want to serve, the company has onboarding steps, and there are updates needed in NMLS for licensing purposes. On top of all that, everything needs to be done as quickly as possible. To help with the licensing piece, here are some tips on what needs to be updated:

The MLO must complete the following:

  • Access – The MLO goes into NMLS and grants access to the new company.
  • Contact Information – In a new filing, the MLO updates the contact information listed under the Identifying Information section, including but not limited to their email address.
  • Employment History – In the same new filing, the MLO updates their employment history to add their new mortgage employer, and puts an end date to former employer(s) if applicable.

The company must complete the following:

  • Sponsorship – Once the company confirms updated contact information and employment history, the company submits a sponsorship request via NMLS.

Mortgage Industry Webinar

Information for October Mortgage Industry webinar can be found on the Mortgage Industry Webinars webpage. Thank you for all who attended. It was great to address timely issues and thank you to those who shared their knowledge and questions.

Mortgage Broker Forum

The twice-yearly Mortgage Broker Forum meeting was held virtually in October.  The agenda covered  brief licensing, examinations, and rulemaking updates, as well as a question and answer session. For more information, contact Bill Havland at (360) 671-8044.

The next meeting for the MB Forum will be in 2023.

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