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

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Mortgage Update

Licensing Updates
Number of licenses as of March 15, 2011

• Mortgage Broker/Main Office: 403
• Mortgage Broker/Branch Office: 160
• Consumer Loan-Main Offices: 351
• Consumer Loan-Branch Office: 1,083
• Mortgage Loan Originator/Active & Inactive: 6,504

Renewal Recap
Congratulations! DFI and licensees just completed the third year of using the NMLS to renew mortgage licenses. Despite the challenges of having to meet SAFE Act requirements in order to renew, more than 1,500 company & branches and 5,600+ individuals successfully renewed licenses for this year. We especially thank compliance people who played a key role in ensuring successful renewals for their MLOs.

Hiring New Mortgage Loan Originators in 2011?
If you are planning on hiring new MLOs, here’s some important information to remember:

• MLOs must have the required testing and education posted to their NMLS record before they apply for a license.
• Once an application is submitted, the MLO must be fingerprinted and deliver the 1 page New Application Checklist to DFI within 5 business days.
• If you are hiring an already licensed MLO, please ensure you have that individual update his/her employment history and contact information at the time when you submit a sponsorship request for his/her license.

Contact DFI or NMLS?
While you submit your information and pay fees through the NMLS, DFI is still your regulator. The NMLS is a database designed to streamline the application, amendment and renewal process for licensees. The system does not make decisions. It merely reflects the information put into it by both regulators and applicants/licensees. If you have questions regarding how to navigate the NMLS system or how to schedule any of your requirements, you should contact the NMLS Call Center at (240) 386-4444. If you have questions about licensing requirements, laws or anything beyond system functionality, you should contact DFI at (360) 902-8703.

Examination Updates
Mortgage Call Report-Coming in May 2011: Are you tracking the information you will need to successfully and easily complete the new Mortgage Call Report? If you aren’t sure, now is the time to check out the Mortgage Call Report webpage on the NMLS Resource Center. This page contains valuable information this new report which must be filed quarterly, starting in 2011. Here are a few important highlights:

• The ability to file the NMLS Call Report is scheduled for May 2
• The deadline to file the 1st quarter of 2011’s Call Report is May 15
• Company users should verify your company record is up to date by April 25
• NMLS is offering several training workshops in April & May focusing on how to file the Call Report. For more details go to NMLS Workshops.

Enforcement Updates
See 2011 Enforcement Actions at http://dfi.wa.gov/cs/adminactions_2011.htm