Fall 2024 Mortgage Industry Update

Preparing for Renewals

It’s only September, but now is the time to prepare for your license renewal. Statistics show that licensees who complete required education, resolve their license items, and submit a renewal request in November most often have a smoother renewal experience.

Here’s what is new for this year’s renewal:

• MLO licensees must authorize a new credit report and criminal background check (CBC) to complete their renewal requests.
  • A CBC can be authorized up to 90 days ahead of a renewal request
  • A credit report can be authorized up to 30 days ahead of a renewal request.

Here’s what can be done now for renewal success:

• Complete the required continuing education (CE). All MLOs and Designated Brokers who need CE received a license item over the summer. Companies can use this license item to track their MLO's education compliance. To find CE courses, view the NMLS Master Course Catalog.
• Ensure MLO fingerprints on file with NMLS aren’t or won’t expire before the end of this year. If a MLO plans to renew in November, they can authorize a CBC now and not wait until November.
• Resolve all outstanding license items on your NMLS record. License items are requests from regulators or the system to make changes to your record and should be promptly addressed. Unresolved license items slow renewal processing. To check for license items, use the Individual License Status Quick Guide. If you believe a license item is resolved, email the person listed in the license item or MortgageLicensing@dfi.wa.gov.

For more information on renewals, visit the Annual Renewal Requirements webpage.

Reminder – Branch Surrender Requests

As we approach the final quarter of the year and you are deciding whether to renew branch licenses, don’t forget the related MLOs. Before requesting surrender or selecting “not renewing” for a branch license, be sure to update the registered locations for each MLO at that location. Examiners are finding companies with MLOs registered at no longer licensed branch locations.

• Use the Amending Registered Locations quick guide from NMLS to change MLOs’ registered locations.

Mortgage Broker Forum

The Mortgage Broker Forum meeting was held virtually in May. Attendees heard information on the latest licensing numbers and common exam findings for Mortgage Brokers. Examinations staff provided responses to questions submitted by industry.

• The next meeting will be held October 28 at 11am PDT.
• For information on the Mortgage Broker Forum, contact Bill Havland at (360) 671-8044

Mortgage Industry Webinar

DFI will host its next Mortgage Industry Webinar on October 28 at 10am PDT. Attendees will hear updates from the licensing, examination, and enforcement units. A reminder about the webinar as well as login information will be emailed prior to the event.

For more information, visit the Mortgage Industry Webinar webpage.

Upcoming Dates

• October 28 - Mortgage Industry Webinar and Mortgage Broker Forum
• November 1 - NMLS Renewal Period Opens
• November 14 - Q3 MCR filing deadline