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For assistance with mortgage licensing contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
ssheasby@integritymortgagelicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Washington Mortgage Licensing
Washington Mortgage licensing changed a lot in 2006 and 2007. As of 1/1/2007, Loan Officers must be licensed by the state. As of 1/1/2008, all loan originators must complete a test in order to remain licensed. Another major change in 2007 is that the Broker Exam is now offered nationwide. Prior to this, someone in your mortgage company would need to fly to Washington in order to complete a mortgage broker test. Now Washington mortgage licensing is much easier. The test is fairly difficult, but with some studying, it can be taken locally. Only one person must be a designated mortgage broker for your company in order for you to obtain a license. If you have the net worth to get a very large surety bond, I recommend getting the consumer loan license so you don't have to license your mortgage loan officers.What activities can a licensed mortgage broker engage in under the Mortgage Broker Practices Act (MBPA) without triggering the license requirements of the Consumer Loan Act (CLA)?
As a licensed mortgage broker you may act in these capacities:
Broker – assisting borrowers, or holding yourself out as able to assist borrowers, in obtaining a residential mortgage loan. Loans close in the name of the lender.
Table Fund – "Table-funding" means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. The mortgage broker originates the loan and closes the loan in its own name with funds provided contemporaneously by a lender to whom the closed loan is assigned. WAC 208-660-006.
Non-delegated Correspondent – You close loans in your name with funds provided by a lender through a line of credit. The lender provides the underwriting criteria the borrower must meet and makes the final underwriting decision.
http://dfi.wa.gov/cs/sb_6471_faq.htm
Mortgage Banker Licensing
Consumer Loan License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $100,000
Surety Bond: $400,000 + $100,000 per location up to $800,000 and $10,000 per location thereafter
State Initial Fee:
State Renewal Fee:
Branch Licensing: Yes
Loan Officer Licensing: No
Experience/Education:
Comments: The greatest benefit to this type of mortgage licenses versus the mortgage broker license is the exemption from loan officer licensing
Mortgage Broker Licensing
Mortgage Broker License
Physical Office Required: No
In-State Officer/ Key Person: Yes
Minimum Net Worth: $ None
Surety Bond: $20,000 + additional bonding per loan officer.
State Initial Fee: $1,067
State Renewal Fee:
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: 2 years of experience in origination or quality control required for the designated broker
Regulated by:
Department of Financial Institutions
PO Box 41200
Olympia WA 98504-1200
1501 Israel Rd. SW
Tumwater, WA 98501
Telephone: (360) 902-8700
Examiner Phone: (360) 725-7842 - Anthony Carter
Fax: (360) 586-5068
http://www.dfi.wa.gov/