Updates for:
-
Mortgage
Brokers, Lenders, Originators - Escrow
- Check Casher/Seller & Payday Lender
- Money Services
Featured Articles
- Message from Deb Bortner
- Electronic Examinations
- Legislative Update
- Requirements for Mortgage Servicers & Subsidiaries of Banks
Rulemaking
None at this time.
Enforcement Actions
See 2011 enforcement actions taken by the Division of Consumer Services.
Contact Us
Email: dcs@dfi.wa.gov
Phone: 1-877 RING DFI (746-4334)
Web: www.dfi.wa.gov/cs
Electronic Exams - What You Need to Know
We want to provide additional information on the Consumer Services’ (the Division’s) new electronic examination (e-exam) process.
In the Division’s letter of April 20, 2010, we explained that the Department, along with other States in the country and the Conference of State Bank Supervisors (CSBS), have signed an agreement that will enable coordinated multi-state mortgage examinations and the use of technology to increase efficiencies in examinations.
The Department wishes to give you additional information on two sets of deadlines that the two industries are required to meet in 2011.
Schedule of Implementation
The Department provided over a year of preparation time to enable you to update your loan origination and portfolio systems, and other business processes you use for loan production.
The Department also staggered the implementation of the request for collecting and submitting loan data electronically into two stages by industry type to alleviate the potential strain on the Mortgage Broker segment of the two industries.
- Consumer Loan Companies: Implementation Deadline is June 30, 2011
- Mortgage Brokers: Implementation Deadline is December 31, 2011.
RegulatorConnect.Org
RegulatorConnect.org is a web-based system that you will use to submit your loan data so that the Department can access and analyze your loan portfolio for compliance with federal and state laws.
The website is secured with strong encryption; and once you are registered, you will have free access to detailed instructions on how to prepare your files in the Examination Loan File (LEF) format that is required for submitting your loan data to the Division.
Please take these steps to get started to collect and submit your real estate secured funded and closed loans:
- Go to www.RegulatorConnect.org. Sign into the site or if you have not yet registered, you will need to do so.
- Work with your LOS system provider to enable you to format your loan data in the Licensee Examination File (“LEF”) format which is the only acceptable format that will allow for you to submit the data for the electronic examination.
- Begin a system readiness review and technology preparation process for loan origination and portfolio software. Be sure to contact all technology vendors that you employ or software providers which you have utilized to determine if they have the ability to create the LEF.
The Division expects all Consumer Loan companies to be able to collect and submit their mortgage loan data to RegulatorConnect.org no later June 30, 2011.
Mortgage Broker companies need to be prepared with the goal of being able to also collect and submit their loan data to RegulatorConnect.org by December 31, 2011.