Consumer Loan Company News
Below you will find Consumer Loan Company 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 Consumer Loan Annual Reports
There is a change this year for Consumer Loan licensees filing the Consumer Loan Annual Reports. In addition to filing the Annual Assessment Report (AAR) and the Consolidated Annual Report (CAR), Consumer Loan licensees must also file their Q4 Mortgage Call Report through the NMLS. The deadline to file the Mortgage Call Report is February 14, 2012. The deadline to file the annual reports is March 1, 2012. -
2011 Annual Assessment Report and Consolidated Annual Report Due March 1, 2012
Both the 2011 Annual Assessment Report and Consolidated Annual Report are due to DFI by March 1, 2012. -
New Rulemaking - Consumer Loan Act
DFI has filed a CR-101 to begin rulemaking to amend the rules. - Fall 2011 Newsletter
DFI's Division of Consumer Services' Fall 2011 newsletter is now available. - 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. - Washington Foreclosure Fairness Act May Apply To You
The Foreclosure Mediation Program was created during the 2011 legislative session to provide homeowner foreclosure assistance. State law now requires lenders to notify borrowers prior to foreclosure of the availability of foreclosure prevention counseling and the potential for mediation. All lenders or beneficiaries are covered by the mediation requirement, except financial institutions that have conducted less than 250 foreclosure sales annually. The Department of Commerce implements the law and has the required notices and disclosures available on their website. DFI will examine licensees for compliance with the new law. - Announcement: Certain Employees Working For Loan Servicing Companies Must Be Licensed By October 1, 2011
Because of the continued high volume of struggling homeowners, loan servicers are encouraged to continue to modify residential mortgage loans when possible. The Consumer Loan Act, however, requires certain individuals employed by loan servicers to have a mortgage loan originator (MLO) license. - FAQs Regarding the Licensing of Depository Institution Subsidiaries and their Employees
Answers to frequently asked questions regarding the licensing of depository institution subsidiaries and their employees. - Mortgage Call Reports
Starting May 02, 2011, companies can log into the NMLS and file their Mortgage Call Report. This report is required to be filed quarterly by the SAFE Act. The deadline for the First Quarter of 2011 is 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. - Consumer Loan Company Annual Reporting Due By 03/01/11
2010 annual reporting due to DFI no later than March 01, 2011. Note: Starting the first quarter of 2011, you will be required to report your quarterly loan activity data for 2011 on the NMLS Mortgage Call Report. The Call Report must be submitted to the NMLS within 45 days of the end of each calendar quarter. - 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. - Interpretive Letter Regarding Exemption from Licensing for Certain Activities
The Department of Financial Institutions answers two questions regarding exemption from licensing under the Consumer Loan Act. 1) Am I exempt from licensing under the CLA if I lend money to an immediate family member? 2) Am I exempt from licensing under the CLA if I sell my home and carry the financing for the buyer? - New Consumer Loan Rules Adopted October 5, 2010 - Effective
November 5, 2010
DFI has adopted rules from the 2010 rulemaking to implement changes to the law. - Emergency Proposed Rule Is Still In Effect
DFI has filed another emergency rule (PDF)* for WAC 208-620-515 pending completion of the rulemaking process. This draft has changed. Access the CR-103E (PDF)* for important information about the emergency rule process. If you have any questions about this emergency rulemaking, contact Cindy Fazio, (360) 902-8800 or Lucinda.Fazio@dfi.wa.gov. - Loan Servicing Bill - Effective July 1, 2010
The Consumer Loan Act, chapter 31.04 RCW, was amended by House Bill 2608. The new law becomes effective July 1, 2010. Among other things, the amendments require licensure and annual assessment for the activity of servicing a residential mortgage loan. The amendments also 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. - Licensing Required as of July 1, 2010 for all CLA Mortgage Loan Originators
On April 20, 2009, Governor Gregoire signed SHB 1621, a bill that will require significant regulatory changes for consumer loan companies and their mortgage loan originators. As of July 1, 2010, all mortgage loan originators working for consumer loan act (CLA) companies must be licensed by DFI. - Consumer Loan Companies Making Reverse Mortgages
EHB 1311 (PDF)* regulating reverse mortgages became effective July 26, 2009. While the department is conducting rulemaking on the provisions that create an approval process for proprietary reverse mortgage products, all provisions of the bill are now effective including the provisions, sections 12 and 13 that allow consumer loan companies to make HECMs.
If you have any questions, contact Cindy Fazio at 360-902-8800 - 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.
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** This document is a Microsoft Excel file, and you will need Microsoft Excel or Excel to open it.
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