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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 June. Of more than 15,000 loan originators, only 2,000 have taken and passed the test. This creates a potential problem for those who have not taken and passed the tests. There will be very few seats and testing dates available between now and the end of the year. It may be difficult to schedule a test.

DFI has a zero tolerance policy regarding passing the licensing test. If you have not passed the test before the end of the year you will have to cease operating as a loan originator until you have passed the test. You will have to reapply for licensure in 2008. The 2008 reapplication will require a passing test score before the application can go forward; in other words, you will NOT be allowed to conduct business while the application is pending.

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