As Shakespeare meant to convey in Romeo and Juliet - What matters is what something is, not what it is called.
We have seen many different terms for employees who are really mortgage loan originators who need to be licensed – Solution Specialists, Credit Counselors, Credit Managers, Debt Adjusters, Senior Case Managers, Call Center Processors, and Senior Mortgage Processors.
If your employees quote rates to a borrower, they must be licensed as a mortgage loan originator. If your employees offer or negotiate loan terms or conditions with or on behalf of a borrower, whether verbally or in writing, they are mortgage loan originators and must be licensed. Terms and conditions include:
Be sure to create a well-defined line between what your mortgage loan originators do and what your processors do. When in doubt about which individuals require licensing in Washington, feel free to contact us.
The cost to your business when we discover unlicensed mortgage loan activity can be substantial and may far exceed the cost of licensing. It is important to the safety of consumers in Washington when they enter into discussions about their purchase or refinance mortgage loan, that they are talking with individuals who by virtue of holding a license are well-trained and experienced in presenting all mortgage options to the consumer. "A rose by any other name would smell as sweet."