Number of licenses:
|License Types||Count as of
July 1, 2011
|Count as of
July 1, 2010
|Mortgage Broker Ė Main Offices||406||589|
|Mortgage Broker- Branch Offices||181||623|
|Consumer Loan- Main Offices||363||364|
|Consumer Loan- Branch Offices||1,055||1,144|
|MLOs- Active & Inactive||7,385||6,029|
The time to renew your license seems far away but there are steps you can and should do now to help ensure a smooth renewal. Summer is the ideal time to take your continuing education courses. Currently, 13% of MLOs nationwide have finished the required continuing education.
Here are a few potential pitfalls to avoid when taking your continuing education:
What is the continuing education requirement for Washington?
All MLOs and Designated Brokers must complete 9 hours of NMLS approved continuing education, including 1 hour in WA law.
Where can I find a list of approved courses?
The NMLS Resource Center has a master course catalog. You can access the catalog at:
How do I register for a course and how much do they cost?
The course catalog has contact information for each course provider. You will need to contact the provider directly and must have your NMLS number. The price of each course is set by the provider.
Is every MLO required to take continuing education in order to renew?
No. Those MLOs who show a pre-licensing education completion year of 2011 do not need to complete continuing education to renew at the end of the year. This is because they already completed 20 hours of education this calendar year. Any licensee can view their PE completion year through Composite View when logged into the NMLS.
As of August 1, the NMLS will be upgrading the system. Several of the changes could impact your licensing filings or those of your MLOs:
The NMLS is a real-time system. This means if you change your name today, the change shows on the NMLS today and regulators will start processing the change today. This does NOT mean that you are authorized to conduct business with the change. You must first receive an updated licensed from us. Companies can email DCS@dfi.wa.gov to give us pre-notification of significant changes like adding an officer or a main office address change.
Now that June is over, itís time for all Mortgage Broker and Consumer Loan licensees to start filing the 2nd quarter Mortgage Call Report. The RMLA component (loan activity data) of the MCR must be filed within 45 days of each quarter end. To assist licensees, the NMLS conducts Mortgage Call Report Workshops. Follow this link for details: http://mortgage.nationwidelicensingsystem.org/news/events/
Here are a few reminders about the MCR:
Here are important dates for filing the MCR:
|Date Quarter Ends||Date MCR Due|
|1st Quarter||March 31||May 15|
|2nd Quarter||June 30||Aug 15|
|3rd Quarter||Sept 30||Nov 15|
|4th Quarter||Dec 31||Feb 15|
See 2011 Enforcement Actions under MBPA & CLA at http://dfi.wa.gov/cs/adminactions_2011.htm