Division of Consumer Services
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. The division accomplishes its mission through licensing, conducting examinations of the books and records of licensees, investigating consumer complaints, and enforcing selected state and federal statutes and rules relating to lending practices.
Learn more about the Division of Consumer Services.
What's New
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Mortgage Broker And Loan Originator Renewal Period Ended 12/31/09 – How To Reinstate A License
The renewal period for Mortgage Broker and Loan Originator licenses ended December 31, 2009. If you did not successfully renew prior to December 31, 2009, you have until February 28, 2010 to reinstate your expired license.
Until the license is reinstated, the company or individual cannot operate as a Mortgage Broker or Loan Originator in Washington.
How To Reinstate A Mortgage Broker License
How To Reinstate A Loan Originator License -
Consumer Loan Company Renewal Requests Must Be Submitted No Later Than February 28, 2010
While Consumer Loan licenses are perpetual, licensees must submit a renewal request for each location annually via the Nationwide Mortgage Licensing System (NMLS).
All renewal requests must be submitted no later than February 28, 2010.
How To Submit A Consumer Loan Company Renewal Request -
Consumer Loan Act Emergency Rulemaking (WAC 208-620-515) Rule Effective 12/22/09
DFI has filed an emergency rulemaking of WAC 208-620-515. Some licensees formerly operating under chapter 31.45 (the payday lending law) have begun offering products under the Consumer Loan Act that mirror small loans, but with unconscionable terms that fail to provide the protections of the payday lending law. - Surety Bond Requirements
Beginning January 1, 2010, the bond amounts required for Mortgage Broker and Consumer Loan licenses are changing. The bonding requirements will be determined annually by loan origination volume. Under the Mortgage Broker Practices Act (MBPA), the bonding amounts range from $30,000 to $60,000. Under the Consumer Loan Act (CLA), the bonding amounts range from $30,000 to $150,000. - 2008 Payday Lending Report
Statistics & trends for the payday lending industry. - 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. Upfront fees for services are prohibited. - Reverse Mortgages
License holders under both the Consumer Loan Act (CLA) and Mortgage Broker Practices Act (MBPA) can broker reverse mortgages to entities exempt from the CLA (nationally chartered entities). The lending entity must be exempt from the CLA due to RCW 31.04.125, a provision in the CLA that prohibits the compounding of interest on loans secured by real estate. Examples of exempt entities are Washington chartered banks, credit unions, their affiliates or subsidiaries and nationally chartered banks, credit unions, or their affiliates or subsidiaries.
Contact Cindy Fazio, 360-902-8800 if you have questions.
- More News And Updates...
-- Current Rulemaking Activity
-- Sign Up To Receive E-Mail Updates From DFI's ListServs
Who We License
The Division of Consumer Services licenses the following financial institutions:
Enforcement: View administrative actions taken by the Division of Consumer Services
For Consumers
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Verify A License
Verify that you are working with an institution licensed by DFI. -
File A Complaint
File a complaint against an institution licensed by the Division of Consumer Services. -
Free Foreclosure & Homeownership Counseling
Free state sponsored counseling is available to Washington residents who are facing foreclosure, thinking of buying a home, or considering refinancing. -
Ameriquest Settlement Information
Information for consumers regarding the Ameriquest settlement.
Contact Us
Mailing Address:
Department of Financial Institutions
Consumer Services Division
PO Box 41200
Olympia, WA 98504-1200
Phone Numbers:
Main Telephone Line: (360) 902-8703
Toll Free: (877) RING DFI (746-4334)
TDD: (360) 664-8126
Email: dcs@dfi.wa.gov
Please also see our staff directory.
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