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Rulemaking Update

Consumer Loan Act and Mortgage Broker Practices Act

The rules that were adopted August 29, 2012, became effective November 1, 2012. You can access the adopted rules on our website at
www.dfi.wa.gov/cs/current_rulemaking.htm.

New Rulemaking

DFI has begun a new rulemaking that will propose an increase in the number of Washington specific pre-licensing education hours required prior to licensure for a Mortgage Loan Originator license. The reason for the proposed increase is the development of a Uniform State Test that will be part of the National SAFE test, and the phasing out of the separate Washington specific test. In the Spring of next year, a Uniform State Test section will be added to the National test and if a state adopts the Uniform State Test, the state’s separate test will be eliminated.

Washington expects to adopt the use of the Uniform State Test along with a large majority of other states. The corresponding elimination of the separate Washington component test will cause a decrease in the number of test questions specific to Washington law. Because there will be fewer test questions specific to Washington law, mortgage loan originators must use prelicensing education as a tool to gain knowledge of Washington law prior to licensure. The increase in hours of Washington specific education is expected to be in addition to the 20 hours currently required for prelicensing education.

The NMLS, the approval authority for course providers and courses, is communicating with the approved education providers and anticipates the course providers will adjust their courses to meet the increased need for state specific education.

DFI will file the proposed increase language in approximately one month.