Mortgage Broker & Loan Originator Rulemaking
What's New
- 11/21/06 - Concise Explanatory Statement (PDF)*. Prepared to summarize the oral and written testimony received during the public hearing on October 26, 2006.
- 11/21/06 - DFI filed the final rules (CR-103 Rulemaking Order) with the Code Reviser November 21, 2006. The new rules will become effective January 1, 2007. Learn more...
- 10/31/06 - Public comment period is now closed.
- 10/31/06 - Complete audio recording of October 26, 2006 rulemaking hearing has been posted.
- 10/27/06 - Loan originator licensing information is now available.
What's Next in the Rulemaking Process
DFI filed the final rules (CR-103 Rulemaking Order) with the Code Reviser November 21, 2006. The new rules will become effective January 1, 2007.
View the CR-103 Rulemaking Order (PDF)* and the final rules (PDF)*
Previously, DFI staff submitted a CR-102 and the following documents to the code reviser:
- CR-102 Cover Letter (PDF)*
- CR-102 Form (PDF)*
- Proposed Rules (PDF)*
- Small Business Economic Impact Statement (PDF)*
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Rulemaking Hearing
DFI held a rulemaking hearing Thursday, October 26, 2006 at the House of Representatives in Olympia. Please see below for documents and a complete audio recording of the hearing.
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Rulemaking Panel Meetings
Between March 30 and August 9, 2006, DFI held 11 public rules drafting sessions to draft rules required by recent legislative amendments to the MBPA. All licensees were notified and invited to attend these works sessions and provide comments.
Below you will find documents used in the meetings and audio recordings of each meeting.
- Wednesday, August 09, 2006
- Thursday, August 03, 2006
- Thursday, July 27, 2006
- Thursday, July 13, 2006
- Thursday, June 29, 2006
- Thursday, June 15, 2006
- Thursday, June 01, 2006
- Wednesday, May 10, 2006
- Thursday, April 27, 2006
- Thursday, April 13, 2006
- Thursday, March 30, 2006
Note: DFI will continue to provide links to all the information from previous meetings. However, keep in mind that over the months of rulemaking, some of the information, particularly in older documents, may have been superseded by more recent information.
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Rulemaking Background
Engrossed House Bill 2340 (PDF)* regulating mortgage brokers and loan originators was passed by the Senate on February 28, 2006, making significant amendments to the Mortgage Broker Practices Act. The bill was signed by Governor Gregoire on March 9, 2006. View the Washington State Legislature's site for details about the bill.
Under the new law, loan originators will be required to pass a test and hold a license in order to continue conducting business in Washington after January 1, 2007.For more detailed information, read the March 10 letter (PDF)* from Division Director Chuck Cross.
Washington Administrative Code (WAC, also known as rules) have been rewritten to reflect changes brought about by the passage of House Bill 2340. Rulemaking panel meetings have concluded. Proposed rules have been sent to the code reviser. Thank you to all who attended the panel meetings, submitted comments, and participated in the rulemaking process.
* 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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