In This Issue...

1) Net Branches - DFI Issues A Reminder

In June the Department of Financial Institutions issued a statement regarding the concept of “Net Branches.” It was a reminder to the industry that the Washington Mortgage Broker Practices Act, chapter 19.146 RCW does not recognize the “net branch” concept that many brokers refer to when talking about their branches.
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2) Continuing Education - Are Providers Performing?

Loan Originators and Designated Mortgage Brokers are our best source of reviews for continuing education providers
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3) Employee or Independent Contractor?

It is often difficult to determine whether a worker is an employee or an independent contractor. The Employment Security Department applies an easy test that applies to all businesses.
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4) License Testing

All loan originators must pass the Washington loan originator licensing test in order to renew their license. Testing centers operated by Promissor have been open since May.
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5) Loan Originator Licensing - The Few Remaining

Roughly 750 of the over 15,000 individuals who have applied for loan originator licenses find themselves in license limbo. They have not received a license because there is an issue with their application.
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6) Mortgage Advertising Enforcement

The Department of Financial Institutions is taking a careful look at mortgage advertising. The existing statutes and rules related to advertising provide a clear bright line between what is acceptable and what is not.
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7) Mortgage Rescue Scams Are Increasing

One type of mortgage rescue scam involves a predatory “real estate investor” stealing the equity a victim has built up in their home. Typically, the scammer will tell the victim they want to help save the home from foreclosure.
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