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DFI Earns CSBS and AARMR Accreditation

The Division of Consumer Services' mortgage program was recently accredited by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). This accreditation certifies that Washington DFI maintains the high standards and practices in mortgage supervision set by the CSBS Accreditation Program and the CSBS and AARMR Mortgage Accreditation Program.

The accreditation program is designed to strengthen state mortgage departments and to demonstrate the quality of state regulatory agencies to the general public, Congress, the Consumer Financial Protection Bureau, and other state regulators. The accreditation process included an evaluation of administration and finance, personnel, training, examination, supervision and legislative powers. An external team of experts comprised of veteran state and federal regulators performed an on-site review and presented its findings to an audit team and to the Performance Standards Committee — the members of which vote on the reports of the review team and the audit team.

While CSBS first accredited DFI’s bank regulatory program in September of 1990, this is DFI’s first accreditation for its mortgage regulatory program. Washington is the 10th state awarded this type of accreditation.

"This accreditation tells the states with which we conduct multi-state examinations that we have an excellent program here in Washington — a state program accredited by CSBS and AARMSR is presumed by law to provide an effective supervision and enforcement program," DFI Division of Consumer Services Director Deborah Bortner said. "The fact that Washington is one of only 10 states to receive this accreditation for their mortgage program is evidence of the exceptional work this agency does as a regulator."

"This accreditation is indicative of the strong leadership, depth of knowledge and dedication of staff within DFI," DFI Director Scott Jarvis added. "In addition to the licensing and regulation of the financial services industries, we are committed to educating and protecting consumers and investors from fraudulent and predatory lending and investment practices - and our agency works hard to ensure that individuals and organizations involved in fraudulent activities are held accountable for their unlawful actions."