Mortgage Broker Examinations
Examination information, frequently asked questions, and resources for Washington Mortgage Brokers.
In This Section:
Frequently Asked Questions (FAQs)
Answers to common questions about examinations conducted by DFI.
Mortgage Broker Entry Letter & Exam Manual
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Mortgage Broker Entry Letter
- Prior To Examination (Word)*
The entry letter above is what DFI requires of licensees prior to an examination. -
Mortgage Broker Exam Manual (Word)*
This draft examination manual is a guide to assist the Department of Financial Institutions’ Examiners, and provide standards for Independent Certified Professionals and Specialists, (Examiners) for examinations of Mortgage Brokers (MB).
Common Violations
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Failing to disclose an increase in fees that benefit the mortgage broker
RCW 19.146.030 (4) -
Advertising interest rates as “lowest rates,” “best rate guaranteed,” and “lowest rates guaranteed”
WAC 208-660-440(7) -
Failing to deposit borrower funds for payment of third-party fees into a trust account
RCW 19.146.050(1) and WAC 208-660-410(3) -
Failing to correctly disclose the Yield Spread Premium on the Good Faith Estimate
WAC 208-660-430(5) -
Failing to accurately complete Truth-in Lending disclosures – Incorrect payment stream – Bottom of TIL blank
RCW 19.146.0201(11)
Regulatory Guidance
Guidance and interpretations.
- DFI Mortgage Broker Interpretive Letters
- CSBS/AARMR/NACCA Statement On Subprime Mortgage Lending
- CSBS/AARMR Guidance On Nontraditional Mortgage Product Risks
- FTC - Complying With The Red Flags Rule
Washington State Laws, Rules, & Regulations
Links to Washington State laws, rules, and regulations.
- Current Rulemaking Activity
- RCW 19.146 - Mortgage Broker Practices Act
- WAC 208-660 - Mortgage Broker Practices Act Rules
- RCW 19.52 - Interest - Usury Laws
- RCW 31.04 - Consumer Loan Laws
- WAC 208-620 - Consumer Loan Rules
- RCW 19.144 - Mortgage Lending and Homeownership Law
- WAC 208-600 - Mortgage Lending and Homeownership Rules
Federal Laws & Rules
Links to federal laws and rules.
- Truth In Lending - Regulation Z
- Real Estate Settlement Procedures Act (RESPA)
- Home Mortgage Disclosure Act (HMDA) – Regulation C
- FRB Privacy Of Consumer Financial Information – Regulation P
- Gramm-Leach-Bliley Act (GLBA)
- Fair Credit Reporting Act (FCRA)
- Equal Credit Opportunity Act (ECOA) - Regulation B
- Fair Debt Collection Practices Act
- Home Ownership And Equity Protection Act of 1994 (HOEPA)
Contact Us
Monday - Friday (8am - 5 pm PST)
|
Examination And Compliance
Kwadwo Boateng Program Manager 360-902-8817 w.kwadwo.boateng@dfi.wa.gov |
Examination And Compliance
Toby Snider Financial Examiner Supervisor 360-725-7847 toby.snider@dfi.wa.gov |
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Licensing
Maureen Camp Customer Service Supervisor (360) 902-8752 maureen.camp@dfi.wa.gov |
Consumer Services
(360) 902-8703 1-877 RING DFI (746-4334) Fax: (360) 664-2258 dcs@dfi.wa.gov |
Mailing Address
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For U.S. Postal Service:
Department of Financial Institutions Division of Consumer Services PO Box 41200 Olympia WA 98504-1200 |
For Overnight Delivery:
Department of Financial Institutions Division of Consumer Services 150 Israel Rd SW Tumwater WA 98501 |
* This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.
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