Mortgage Industry Update

Preparing for License Renewals

As we move through October, it’s time to prepare for license renewals. Taking steps now ensures you are ready when the renewal period opens on November 1.

Statistics show that renewal requests submitted in November have the highest chance of approval before the end of the year.

Items of note for this year’s renewal:

• A temporary fee reduction will reduce the MLO renewal fee from $155 to $75 (if submitted on or before 12/31/23).
• 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.

Steps to complete before renewing:

Company Licenses

• Ensure all Mortgage Call Report (MCR) filings are current, and file your Q3 report as soon as possible. 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 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.

How to Close Your Company or Branch License

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 five days of surrendering.

Branch License

• Request surrender of your Washington license in NMLS; nothing is needed outside of NMLS.

Mortgage Industry Webinar

You can find the October Mortgage Industry webinar on the Mortgage Industry Webinar webpage. Thank you to 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 Mortgage Broker Forum meeting was held virtually in October. The agenda covered brief licensing, examinations, rulemaking updates, and a question-and-answer session.

Contact Bill Havland at (360) 671-8044 for more information.

The next meeting for the Mortgage Broker Forum will be in 2024.

Upcoming Dates to Remember