Consumer Loan Company Annual Assessments
Important Deadlines and Information
Assessment Due Date – March 3, 2014
All Washington State Consumer Loan Annual Assessments are due by close of business on March 3, 2014. In order to avoid late fees and penalties, all assessment reports and payments must be filed by close of business (5pm Pacific Standard Time) on March 3, 2014. This means you must have uploaded your company’s Loan List Workbook, attested to the accuracy of the reports, and made your electronic payment by that deadline. We suggest you begin the process a few days early to avoid any problems.
NEW - License Expiration for Failure to File and Pay your Annual Assessment
Effective January 1, 2014, failure to file the reports and pay your Consumer Loan Annual Assessment fee by the March 3, 2014 due date; can result in expiration of your Consumer Loan License. Please refer to chapter 208-620-430 WAC http://dfi.wa.gov/cs/pdf/rulemaking/2013/cla/cla-2013-amended-rules.pdf for better understanding of the amended rules and reporting requirements.
For Residential Mortgage Servicing, DFI will calculate the amount owed based on the volume of loans serviced and the proportionate cost to DFI for operating the program. After DFI receives your servicing information, DFI will calculate your portion of the cost of operating the program and send you a bill. You will receive your bill through the NMLS system by July 1, 2014. The assessment fee is due to DFI on or before August 31, 2014, and is paid through the NMLS system.
Online Assessment System and Workbook
- Online Consumer Loan Assessment System
2013 CL Assessment Loan List Workbook (Excel)
(Right click link and select save as to download)
- Workbook and Online Assessment Do and Don'ts
About the Assessment System
In an effort to streamline the filing process, DFI has launched an online assessment filing system. This system will allow you to file both the Annual Assessment Report (AAR) and the Consolidated Annual Report (CAR) as well as make your payment via E-Check, Visa or MasterCard.
How does the online assessment filing system work?
Your company will provide your 2013 loan data and enter it into a Pre-Formatted Excel Workbook provided by DFI. Someone in your company then uploads your completed Loan List Workbook into the online assessment filing system. The system will email that individual a unique link, the link will return you to the system to review the annual reports, attest to the accuracy, and make an electronic payment.
What data must I provide to file my annual assessment reports?
You will be required to report all Washington loan activity during 2013 in an Excel pre-formatted Loan List Workbook provided by DFI. See: Loan List Workbook (Excel).
Can I provide my 2013 loan data in any format?
No. The online assessment filing system requires that you use the DFI provided Loan List Workbook to report your loan data. You need to prepare your data in DFI’s Excel format to successfully transfer data into DFI’s Excel workbook and avoid errors and delays completing your assessment filing.
DO NOT DUPLICATE THE WORKBOOK. IF YOU DO YOU WILL CREATE A SYSTEM ERROR AND YOU WILL NOT BE ABLE TO SUBMIT THE WORKBOOK.
Am I required to use the online assessment filing system?
Yes. DFI requires all Consumer Loan licensees to file their annual assessment reports and make payment through the online assessment filing system. DFI will not accept paper filings or physical checks.
What can I do right now to prepare to file my annual assessment reports?
There are several things you can do right now to ensure a smooth and successful annual assessment filing:
- Prepare the Loan List Workbook with all 2013 Consumer Loan Activity.
- Determine how you will pay your annual assessment fee – DFI’s online system accepts E-Checks or credit cards. If you plan to use E-Check and you have an ACH debit block on your bank account, you must notify your financial institution to allow the E-Check to be processed. Removing the ACH debit block for DFI can take as long as two business days. DFI’s company identification number is 9911603040. If you plan to use a credit card, the system only accepts Visa or MasterCard and only up to $10,000. If you do not have a Visa or MasterCard credit card or must pay $10,000 or more, you must use E-Check.
- Coordinate roles within your company – If the filing of your company’s annual assessment typically involves several people, now is the time to coordinate roles. The person who uploads the company’s Loan List Workbook will receive an email containing a unique link to return to the system to attest and make payment. If that person is not authorized to attest to the filing, you will need to coordinate communication between the person who uploaded the loan data and the person who is going to attest. Likewise, at the point of attestation, your company can request that an email be sent to an individual authorized to make payment.
Workbook and Online Assessment Dos and Don'ts
- Ensure that you have the most up to date version of your internet browser
- Remove the debit block from your bank account, if paying with a ACH transfer
- Have all of your information available when you start the filing process
- Complete all information requested on the workbook pertaining to your loan activity
- Check all worksheets within the Loan List Workbook to ensure that you have provided all 2013 loan activity to the Department
- Print a copy of your Assessment Summary Report and Payment Receipt for your records
- File and pay your assessment by 5 pm PST March 3, 2014
- Add worksheets to the provided workbook
- Add loan counts or total loan volumes in the workbook
- Rename the workbook
- Delete or add any worksheets
- Use any form of collateral type other than the initials RE, PP, or U
- Reformat the workbook
- Duplicate the workbook
- Include dollar signs or commas. General formatting is acceptable
*Doing any of the above actions prior to uploading your workbook could cause the system to reject your workbook or populate incorrect information.
Annual Assessment Information
What if I did not do any business in Washington during the 2013 calendar year?
Consumer Loan Licensees must file both the AAR and the CAR even if they did NO business in Washington State during 2013. Both the AAR and CAR must be filed, even if no annual assessment fee is due. You will need to upload a blank workbook, and complete your annual assessment filing through the system in order for it to be considered a complete filing.
What constitutes a complete and timely filing of the AAR and CAR?
You must electronically submit your worksheets and payment of your annual assessment on or before Monday, March 3, 2014. DO NOT SUBMIT AAR AND CAR REPORTS IN PAPER FORM.
In addition to electronic submission of the AAR and CAR, you must also file your 2013 financial statements via the NMLS no later than March 31, 2014. Financial statements must be prepared in accordance with GAAP and contain both a balance sheet and income statement. Please visit our NMLS Mortgage Call Reports webpage for more information.
What if I fail to deliver my complete filing by the March 3, 2014, deadline?
If you upload your AAR, CAR, or Payment after the March 3, 2014 due date, you will be assessed a late penalty of $50.00 per item, for each day of delay. Payment of late fees will be billed and paid through NMLS.
What transactions do I include on the AAR?
The AAR includes all Washington residential mortgage loans secured by first and junior liens, to include business, commercial, or agricultural loans secured by a lien on the borrower's primary residence, and non-mortgage loans:
- Loans held in the Licensee’s portfolio on December 31, 2013
- Loans brokered or table funded by the Licensee, regardless of the interest rate, or lien position
- Loans made by the Licensee, regardless of the interest rate, or lien position
- Loans purchased by the Licensee through the secondary market
- Advances on Reverse Mortgages made or table funded
- Accrued Interest on Reverse Mortgages serviced
- Non-mortgage loans made by the Licensee
- Non-mortgage loans brokered by the Licensee
What loans in my portfolio from the previous year do I include in the AAR?
You must include Washington loans that you made or purchased and have not been transferred off of your warehouse line or out of your portfolio as of the last day of each year. Loans carried over into the next year will be assessed in that next year. Other examples Include: Washington loans held for servicing with or without servicing rights, loans repurchased, and loans securitized for investment.
Why do I include the loans in my portfolio from the previous year on the AAR?
WAC 208-620-440(2)(a) requires the principal loan balance on Washington loans in your loan portfolio on December 31st of the prior year to be counted in the assessment calculation.
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