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Division of Consumer Services Spring 2025 Newsletter

Mortgage Industry Update

Licensing Numbers

License Types As of May 2025 As of May 2024
Mortgage Broker Main Office 358 366
Mortgage Broker Branch Office 157 171
Consumer Loan Main Office 1,074 1,021
Consumer Loan Branch Office 2,543 2,633
MLOs – Active 18,582 17,298
MLOs – Inactive 1,924 2,156

Surety Bond Compliance

When is the last time you reviewed the amount of your surety bond to ensure it is compliant? Surety bond amounts for Mortgage Broker and Consumer Loan licensees are based on prior year activity in Washington and must be updated annually. The deadline for adjusting the bond amount depends on the license held. 

  • Mortgage Brokers must make the adjustment by March 31
  • Consumer Loan licensees must make the adjustment by March 1

If you review your 2024 volume now and need to increase your bond, make sure the effective date of the rider is the applicable deadline listed above. Adjusting your bond amount is done by the surety provider via a rider issued in NMLS which is marked “ready” by the licensee in NMLS.

Consumer Loan Act Rulemaking

As a reminder, the Department recently initiated two rulemakings for amendments to the Consumer Loan Act rules (WAC 208-620). The rulemakings are related to:

  • Home Equity Sharing Agreement (HESA) products
  • The Predatory Loan Prevention Act (SSB 6025)

Visit DFI’s Rulemaking Webpage to view all rulemaking documents. 

Mortgage Industry Webinar

The Department hosted a Mortgage Industry Webinar on May 14. The meeting included Licensing, Examination, and Enforcement updates. Materials and a recording can be found on the Mortgage Industry Webinar webpage.

Upcoming Events/Deadlines

  • May 15 - Q1 MCR Filing Deadline
  • Summer - CE license item set on MLOs without 2025 education completed
  • Aug 14 - Q2 MCR Filing Deadline