Mortgage Loan Originators FAQs
See below for DFI's answers to questions frequently asked about Mortgage Loan Originators.
Can a Mortgage Loan Originator work for multiple companies in Washington?
Yes, as long as the Mortgage Loan Originator is sponsored by each company and the companies are each listed on his/her license.
Now that I have my Loan Originator license, can I work anywhere in Washington?
No, you can only work for the company(s) who sponsored you and are listed on your Loan Originator license.
I am currently licensed with one company but want to move to another company. How do I get my Loan Originator license updated?
First you will need to log into your NMLS account and update your work history on your MU4. Don’t forget to do the Completeness Check & submit the amended filing. You will then need to grant the new company access to your MU4. Lastly, notify the new company that you have granted them access so they can submit a sponsorship request for your license via the NMLS. You cannot work for the new company until your license reflects the new company on it.
Why is my Loan Originator license inactive?
A Loan Originator license goes inactive when the loan originator is no longer sponsored by a company. This could be because the loan originator left one company but hasn’t yet found a new company to sponsor him/her. This also could be because the loan originator has gone to work for a Consumer Loan licensee as a W2 employee and the Consumer Loan licensee has chosen to not sponsor the loan originator’s license.
My Loan Originator license is currently inactive. I want to go to work for a new company. How do I reactivate my license?
First you will need to log into your NMLS account and update your work history on your MU4. Don’t forget to do the Completeness Check & submit the amended filing. You will then need to grant the new company access to your MU4. Lastly, notify the new company that you have granted them access so they can submit a sponsorship request for your license via the NMLS. You cannot work for the new company until your license reflects the new company on it.
Which license number must I display and when?
- Always display your Loan Originator license number (510-LO-#####) right after your name on all advertising (including stationery and business cards) and on any loan documents that contain your name (like the 1003).
- Only display the Mortgage Broker main (510-MB-#####) or branch (510-MB-#####-#####) license number when the licensed company name does NOT appear with the trade name (DBA name).
How many Continuing Education hours do I need each year? (See WAC 208-660-370)
- Licensed Loan Originators must complete 8 hours of approved continuing education. At least two of those hours must be ethics and include the topics of fraud, consumer protection and fair lending.
- Approved Designated Brokers must complete three approved courses each year.
You'll find a list of approved course providers online at http://www.dfi.wa.gov/cs/mortgage_broker_education.htm for your review.
Do I have to put my Loan Originator license number after my name on holiday cards to customers?
Yes, if you use your name and the Mortgage Broker company name OR if you use only your name but your message solicits future business.
No, if you use only your name AND your holiday greeting does not solicit business.
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