Mortgage Broker News
Below you will find Mortgage Broker news and updates from the Division of Consumer Services.
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News and Updates
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Good Faith Estimate Webinar PowerPoint
Below is the PowerPoint and audio recording from the April 18 Good Faith Estimate webinar. - Winter 2012 Newsletter
DFI's Division of Consumer Services' Winter 2012 newsletter is now available. -
Changes to Filing Mortgage Broker Annual Report
In an effort to eliminate duplicate filings, DFI will accept fourth quarter Mortgage Call Report data in lieu of the 2011 Mortgage Broker Annual Report. The Q4 filing deadline is quickly approaching. The deadline to file is February 14, 2012. - New Rulemaking - Amendment of Mortgage Broker Practices Act
DFI has filed a CR-101 to begin rulemaking to amend the rules. - 3rd Quarter Mortgage Call Report Due November 14
The deadline for all Mortgage Broker and Consumer Loan Companies to file is Monday, November 14th. Companies who fail to file the 3rd quarter or any prior required Mortgage Call Reports will not be allowed to renew for 2012 and may face enforcement action. - Rulemaking Update: CR-102 Filed
DFI has filed a CR-102 to continue the rulemaking to amend the renewal requirements for mortgage loan originators. The amendment (PDF)* clarifies that before a mortgage loan originator can renew their license they must be in compliance with the minimum licensing provisions required at the time of initial licensing. - Rulemaking Filed
DFI has filed a CR-101 (PDF)* to begin rulemaking to amend the rules on the renewal process. - 1st Quarter Mortgage Call Report Due May 15, 2011
All Mortgage Broker and Consumer Loan licensees as well as exempt companies who employ licensed MLOs are required to file the Mortgage Call Report through the NMLS by May 15, 2011. - Deb Bortner’s Presentation to Seattle Mortgage Bankers Association - April 26, 2011
Deb Bortner, DFI's Director of Consumer Services, spoke to the Seattle Mortgage Bankers Association on April 26, 2011 about the SAFE Act relating to loan officer compensation, the mortgage call report, current licensing numbers, and more. View her presentation via the link below. - Red Flags Rule Effective December 31, 2010
The Federal Trade Commission (FTC) issued the Red Flags regulations under the Fair and Accurate Credit Transition Act of 2003, which requires the establishment of guidelines for financial institutions and creditors regarding identity theft. The FTC’s definition of a creditor in the Act was amended on December 8, 2010. The FTC delayed implementation of the rule multiple times to allow for Congressional clarification of this issue. If you have a question about the rule, the FTC has set up a toll free number at 1-877-FTC-HELP (1-877-382-4357)(tty 1-866-653-4261). - Short Sale Guidance
Guidance to licensees providing services in short sale transactions from DFI and the Washington Department of Licensing. - New Mortgage Rules Adopted October 5, 2010 - Effective
November 5, 2010
DFI has adopted rules from the 2010 rulemaking to implement changes to the law. - Loan Modification Bill - Effective July 1, 2010
The Mortgage Broker Practices Act, chapter 19.146 RCW, was amended by House Bill 2608. The new law becomes effective July 1, 2010. Among other things, the amendments clarify requirements for loan modification service providers. DFI anticipates rulemaking on the new law. - Criminal Background Check through the NMLS for all new MLO applicants
Effective January 25, 2010, all new MLO applications will require fingerprints to be on file with NMLS and request a federal criminal background check to be processed through NMLS. DFI will not issue a license until results from the federal criminal background check have been received. - Loan Modifications - License Required
Companies and individuals providing loan modification services in Washington must be licensed as mortgage brokers, consumer loan companies, or loan originators. - Loan Originators Working For
CUSOs Can License Via The NMLS
Residential mortgage loan originators working for Credit Union Service Organizations (CUSOs) can obtain a license via the NMLS. To sponsor their loan originators, CUSOs must register as exempt mortgage brokers on the NMLS. Please see DCU Bulletin B-09-01 for additional information about this federal licensing requirement.
* 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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