Enforcement Actions

See 2011 enforcement actions taken by the Division of Consumer Services.

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Message from Deb Bortner
Mortgage Loan Originators by Any Other Name

As Shakespeare meant to convey in Romeo and Juliet -What matters is what something is, not what it is called. We have seen many different terms for employees who are really mortgage loan originators who need to be licensed – Solution Specialists, Credit Counselors, Credit Managers, Debt Adjusters, Senior Case Managers, Call Center Processors, and Senior Mortgage Processors.

If your employees quote rates to a borrower, they must be licensed as a mortgage loan originator. If your employees offer or negotiate loan terms or conditions with or on behalf of a borrower, whether verbally or in writing, they are mortgage loan originators and must be licensed.

Read Mortgage Loan Originators by Any Other Name

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DFI Earns CSBS and AARMR Accreditation

The Consumer Services Division mortgage program was recently accredited by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). This accreditation certifies that Washington DFI maintains the high standards and practices in mortgage supervision set by the CSBS Accreditation Program and the CSBS and AARMR Mortgage Accreditation Program.

Read More About CSBS and AARMR Accreditation

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Compliance Tips for the Consumer Loan Licensee from "the Field"

Do you ever wonder where your loan originators are advertising? Or what types of common violations are found during a CL examination?

As examiners in the field, we routinely come across the same types of violations. Many of these violations can be easily corrected by simply taking a few hours to identify and fix the issues. This article is geared toward bringing these types of common violations to light, as well as examiner tips on how to identify and correct the violations.

Read Compliance Tips for the Consumer Loan Licensee

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Rulemaking Update
Mortgage Broker Practices Act

DFI adopted the amended rule on loan originator renewal standards on October 25, 2011. The amended rule says:

(15) How do I renew my loan originator license?

(a) You must continue to meet the minimum standards for license issuance. See RCW 19.146.310.

(b) Before the license expiration date you must renew your license through the NMLSR. Renewal consists of:

(i) Pay the annual assessment fee; and

(ii) Meet the continuing education requirement. You will not have a continuing education requirement in the year in which you complete pre-licensing education. See WAC 208-660-370.

Access the rulemaking webpage for all rulemaking documents:
www.dfi.wa.gov/cs/current_rulemaking.htm
#mbpa-2011