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Mortgage Update

Licensing Updates

Number of licenses:

License Types	As of September 30, 2011	As of September 30, 2010
Mortgage Broker – Main Offices	401	560
Mortgage Broker- Branch Offices	178	623
Consumer Loan- Main Offices	406	380
Consumer Loan- Branch Offices	1,119	1,138
MLOs- Active & Inactive	7,166	7,721

‘Tis the Season to Renew

Ready or not, it is time to renew your license. The start of the renewal period is November 1. The deadline to submit a renewal is December 15. The benefits to renewing early include allowing plenty of time for a review of your renewal and less stress during the final busy weeks of the year. While the renewal process is not significantly different from last year, there still are things you can do to ensure a successful renewal:

1. Review Your NMLS Record: Log into your NMLS account and review your record through Composite View. Make any necessary updates. This is very important because you must attest to the accuracy of your record as part of your renewal. Also, submitting incorrect information or omitting information from your NMLS record may be grounds for enforcement action.
2. Continuing Education: Complete any required Continuing Education well before December. Course providers have up to 7 days to report completion of a course. If you take a course the last week of December, it is likely the course result will not be reported before the end of the year and you cannot renew.
3. Mortgage Call Report (MCR): This requirement is for company licensees only. All Mortgage Broker and Consumer Loan Companies must be current on all required MCR filings. Unless the company was just licensed in 2011, this means filing the quarterly report for Quarters 1 through 3.
4. Company Renewal: If you have a Mortgage Broker license or work for a Mortgage Broker licensee, please be aware that DFI will not approve the renewal of any sponsored MLO license until the sponsoring company has renewed its company license.

DFI Launches Ongoing Webinar Series

You are invited to participate in the first of DFI’s ongoing webinar series for the Mortgage Industry. During these webinars, you will hear from DFI Staff about issues impacting the industry, learn more about a specific topic and ask questions during the question and answer period.

New Date and Time for Webinar - Mon. Nov. 7 10-11 am

We are sorry for any confusion that the date change for our webinar may have caused, however we heard from our stakeholders that it is in conflict with a national webinar that is being hosted by The Financial Fraud Enforcement Task Force.

The first webinar has been rescheduled for Monday, November 7, from 10 – 11 a.m. If you cannot participate in the live webinar, it will be recorded and available on the DFI website.

Examination Updates

Mortgage Call Report Filing Deadline

The deadline for filing the Quarter 3 Mortgage Call Report (MCR) is November 14. At that time, DFI expects all Consumer Loan and Mortgage Broker licensees to be current on all required MCR filings.

Licensees are also reminded that the annual Financial Conditions (FC) component of the MCR is due 90 days after your company’s fiscal year end.

Who is required to file the Mortgage Call Report?

• All Mortgage Broker and Consumer Loan companies who make, service or broker loans secured by residential real estate are required to file the quarterly Mortgage Call Report.
• Exempt companies who employ licensed mortgage loan originators must also file.
• Non-residential real estate related Consumer Loan licensees must also file this quarterly report. File the report indicating "zeros" for all mortgage-related activity.

How do I know if I filed all prior required Mortgage Call Reports?
Check your NMLS record for Active License Items. The system will set deficiencies for missing Quarter 1 and Quarter 2 MCR filings. A deficiency for failing to file the Quarter 3 MCR will not be set until after the November 14th deadline.

How do companies file the Mortgage Call Report?
The Mortgage Call Report is filed through the NMLS. The Company User will log into the NMLS and complete the Mortgage Call Report under the Filing Tab. For more details, see Mortgage Call Report..

Mortgage Loan Data Upload to "ComplianceAnalyzer"

The following message updates the April 20, 2010, memorandum to Mortgage Broker licensees regarding implementation of the LEF Examination Protocol.

DFI wants to thank Mortgage Brokers for their preparation thus far regarding uploading of loan data to ComplianceAnalyzer. DFI is now forming a pilot program to test usage of the uploaded data to ComplianceAnalyzer. As part of our ongoing routine examinations, you may be notified within the next month that your company has been selected for an examination which will include an e-exam element as part of the licensee pilot program to test the effectiveness of the Protocol. All Mortgage Broker licensees should continue to work with their vendors to prepare their system for mapping of loan data into a Licensee Examination File (LEF). The full implementation of this program for MBPA licensees is expected to take place in 2012.

Enforcement Updates

2011 Enforcement Actions under MBPA & CLA at www.dfi.wa.gov/cs/adminactions_2011.htm