Mortgage Loan Originators

Mortgage Loan Originator (MLO) Requirements To Conduct Business In Washington Current requirements The following MLOs must have an active Loan Originator License: All MLOs working for a Mortgage Broker Practices Act (MBPA) licensee (including employees and independent contractors) Independent contractor MLOs working for a Consumer Loan Act (CLA) licensee Future requirements Effective July 1, 2010, all MLOs (independent contractors and employees of either MBPA or CLA licensees) must have an active Loan Originator license The Department will begin licensing MLO employees of CLA licensees on January 1, 2010

Quick Links For Loan Originators

Apply For A License License Renewal New! Applications & Forms Licensing Test Continuing Education Commission Meetings ListServ

Loan Originators FAQs Loan Processors FAQs Laws and Rules Rulemaking Activity Resources Newsletters

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What's New

• Mortgage Loan Originator ListServ
  We encourage all Mortgage Loan Originators licensed in Washington to subscribe to the Mortgage Loan Originator ListServ. Subscribers will receive periodic emails from DFI containing information such as newsletters, interpretive and policy statements, rulemaking notices, industry meeting notices, and other communications. Subscribe To The Mortgage Loan Originator ListServ.
• BAP Rulemaking Update - CR-103 Filed On June 2, 2009
  On June 2, 2009, DFI filed a CR-103 (PDF)* to amend the BAP rules in the mortgage broker practices act. The amendments take the BAP process out of loan originator licensing, amends them, and puts them in a newly created section, WAC 208-990-009 that more generally offers information about the administrative appeals process. The amendments would allow the BAP for more categories of agency actions. View the adopted language (PDF)*.
• Requirements To Apply For A Loan Originator License Changing
  With the passage of the federal SAFE Act, the requirements to apply for a Washington Loan Originator license will change. Learn more.
• Rulemaking For Laws Of 2009
  DFI anticipates rulemaking on the laws of 2009. See the CR-101 (PDF)* for more information.
• 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. Learn more.
• 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.
  
  Apply For A Loan Originator License
  Register Your CUSO As An Exempt Mortgage Broker

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Laws And Rules

• Mortgage Broker Laws - (RCW 19.146)
• Mortgage Broker Rules - (WAC 208-660)
• Mortgage Lending and Homeownership Law (RCW 19.144)
• Mortgage Lending and Homeownership Rules (WAC 208-600)

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1 Page Disclosure Summary Forms And Instructions

Print Only PDF Versions of Disclosure Summary Forms

• Fixed Rate Loan Disclosure Summary Form (PDF)*
• Variable Rate Loan Disclosure Summary Form (PDF)*

Microsoft Word Versions Of Disclosure Summary Forms

• Fixed Rate Loan Disclosure Summary Form (Word)**
• Variable Rate Loan Disclosure Summary Form (Word)**

How To Use The 1 Page Disclosure Summary Forms

• Disclosure Summary Forms Instructions (PDF)*

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Resources

• Mortgage Broker Interpretive Letters
• CSBS/AARMR/NACCA Statement on Subprime Mortgage Lending
• CSBS/AARMR Guidance on Nontraditional Mortgage Product Risks
• Guide to Interest Rates in Washington State
• DFI's Free Guide to Home Loans for Consumers

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Mortgage News And Information Newsletters

• Spring 2008
• Fall 2007
• Spring 2007 (PDF)*

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Contact Us

If you have any questions about Loan Originator licensing, feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at dcs@dfi.wa.gov.

* 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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