Congratulations on getting licensed in Washington State! Whether you have been licensed for decades or days, obtaining one of the Department’s licenses is an accomplishment. Along with getting a license comes ongoing requirements to maintain it.
Below are a few common requirements for maintaining licensure. This list isn’t inclusive. Licensees are solely responsible for compliance with the act under which they are licensed.
- Record Updates – All licenses, other than Escrow, are managed on NMLS. If anything you originally submitted on your NMLS record changes, create a new filing and submit the update(s). This includes everything, even email or phone number(s). Escrow licensees complete an amendment form or contact the Department with updates to your record.
- Advanced Change Notifications (ACN) – Many licensees have requirements to report certain changes in advance. This is done by filing an ACN through NMLS. Some examples of events requiring an ACN filing are change in legal name or ownership.
- Significant Events Reporting – Each license issued by the Department has requirements to report certain events. The rules (WAC) for each license type outline what needs to be reported and in what timeframe. Examples of events that typically need to be reported are filing of bankruptcy or criminal charges, regulatory actions, or data breaches. Please review the rules (WAC) for your license for more information.
- Quarterly and/or Annual Report Filing – All company licenses issued by the Department have requirements to file report(s) with the Department. How reports are filed, and the frequency depends on the license. Here are the common report filings by license type:
- Mortgage Brokers – Mortgage Call Report (MCR) filed quarterly through NMLS
- Consumer Loan – MCR filed quarterly through NMLS, and the annual assessment filed through the Department’s online system by March 1 of each year
- Money Transmitters and Currency Exchangers – Money Services Business Call Report filed quarterly through NMLS (MT only), and the annual assessment filed through the Department’s online system by July 1 of each year
- Check Cashers and Payday Lenders – annual assessment filed through the Department’s online system by April 15 of each year
- Escrow Agents - Escrow Quarterly Report filed through the Department’s online system
- Insurance and Bonding Requirements – Many company licenses require a surety bond to be in place. Licensees must act immediately should they receive notice of cancellation. If a bond is replaced, there cannot be a gap in bond coverage. Escrow agents must also have fidelity and E&O insurance. These policies must be renewed promptly, and coverage cannot lapse.
If you decide to close your business, one of your locations, or just close out your Washington license, be sure to notify the Department promptly (see reporting requirements above). Surrender requests are filed through NMLS, and any required closure report is emailed to the Department. Escrow Agents file a closure report with the Department.