There are many changes coming this spring! From changes to NMLS, to staff changes here in the Division of Consumer Services, there is a lot to report on.
Examinations
First off, we are bidding a fond farewell to our Chief of Examinations, Rick St. Onge, after a successful career here at DFI for over 23 years. When Rick started at DFI, the CS division was much smaller and it has grown to 80 employees! Rick has steadily lead the Division’s examination team, overseeing many changes and challenges over the years.
During my time as Director of Consumer Services, Rick has served as a trusted resource and a font of institutional knowledge. We thank him for his dedication and service to the State of Washington and the state regulatory system, overall.
Of note, as a part of Rick’s departure, we are splitting the Chief of Examinations role into two roles: Chief of Lending Examinations and Chief of Specialty Examinations. The Chief of Lending Examinations will oversee the Mortgage Broker, Consumer Loan, Student Loan Servicing, and Escrow programs. The Chief of Specialty Examinations will oversee the Information Technology, Check Casher/Seller, Payday Lending, and Money Transmission programs. Recruitments for these positions are underway.
Enforcement
We have seen an alarming uptick in consumer complaints relating to misleading “skip a pay” products, especially those marketed to veterans. Make sure to read our article on Deceptive Advertisements.
Licensing
There are significant changes to NMLS, which requires signing in. Take a look at our article that provides tips for success on navigating these changes.
Please enjoy reading our spring newsletter. We take time and effort to bring you up-to-date information to help you stay abreast of industry changes, trends, and best practices.
Until next time!
Ali Higgs