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Loan Originators

DFI's Division of Consumer Services licenses Loan Originators doing business in Washington.

All Loan Originators Must Have A License

All Loan Originators must have a valid Loan Originator license in order to conduct business in Washington. Submitting an application does not permit you to conduct business. See below for more information.

Quick Links For Loan Originators

What's New

Late Loan Originator License Renewals - Opportunity To Reinstate License Expires February 28, 2009 New!
In order to renew their license for 2009, Loan Originators were required to transition onto the NMLS by the October 31, 2008 deadline. Loan Originators that transitioned onto the NMLS late (between November 1, 2008, and December 31, 2008) will be able to use the NMLS renewal system, but cannot submit their renewal until their NMLS transition is approved and will incur a late charge.

Since the NMLS transition period ended on December 31, 2008, any Loan Originators that held a license in 2008 and failed to transition onto the NMLS before December 31, 2008, will be required to reapply in order to reinstate their expired license. Please note that the opportunity to reinstate any expired license ends on February 28, 2009.

Renew Your License.
Mortgage Broker Practices Act Amendments Adopted - Amendments Effective January 23, 2009
On December 23, 2008, DFI filed the CR-103 (PDF)* and adopted amendments (PDF)*. The rules become effective January 23, 2009. Learn more about the rulemaking.
Two Mortgage Broker Commission Openings
DFI is now accepting applications for one Mortgage Broker and one Loan Originator to serve on the commission. Learn more.
Loan Originator Test Study Guide Removed
In order to begin preparing for the implementation of the federal SAFE act (H.R. 3221, or “HERA,” Public Law No. 110-289), DFI has removed the loan originator test questions and answers from the Web site on September 30, 2008. License applicants must then study for the test based on the continuing education topics as described in WAC 208-660-600(23). Eventually, the Nationwide Mortgage Licensing System (NMLS) will create a test based on the standards in the SAFE act.

Taking this step will help ensure that any federal review of the test, and thereby the quality of education of newly licensed loan originators, meets the SAFE requirements.
DFI Joins the Nationwide Mortgage Licensing System (NMLS)
Effective July 1, 2008, DFI uses the NMLS to manage Loan Originator licenses. All initial applications and amendments must be submitted through the NMLS. Learn more about the NMLS.
Legislative Update
Three pieces of legislation passed during the recent session that amends the Mortgage Broker Practices Act, chapter 19.146. RCW.

1. SHB 2770 (PDF)* – the Governor’s Omnibus legislation implementing the recommendations of the Homeownership Task Force. This legislation impacts Banks, Credit Unions, the Consumer Loan Act (CLA), and the MBPA. The bill addresses prepayment penalties, negative amortization loans, the federal guidance on nontraditional mortgage products and subprime lending, and makes mortgage fraud a class B felony.

2. SB 6471 (PDF)* – This legislation amends the CLA and MBPA. All lenders, except those making loans under chapter 63.14 RCW, must have a license under the Consumer Loan Act. Lending is no longer allowed under the MBPA. The link to the bill is:

3. SB 6381 (PDF)* (Pending Governor Signature) – This legislation amends the MBPA by imposing a fiduciary duty relationship between mortgage brokers and borrowers.

DFI will begin rulemaking this spring to implement the changes.
Promissor Test Certificate Required
Effective December 10, 2007, all Loan Originator applicants must submit a copy of their Promissor certificate as documentation of passing the test. Loan Originator applicants will not receive a license until they have passed the Promissor test. Learn more.

Laws And Rules

Mortgage Broker Laws - (RCW 19.146)
Mortgage Broker Rules - (WAC 208-660)

Resources

Mortgage News And Information Newsletters

Keeping Data Secure

To protect non-public sensitive information from unauthorized access, the Department of Financial Institutions (DFI) does not send, receive, or request the transmission of unencrypted electronic non-public sensitive information. Learn more.

Contact Us

If you have any questions about Loan Originator licensing, feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at dcs@dfi.wa.gov.

* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.

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