Number of licenses:
|License Types||Count as of
|Count as of
|Mortgage Broker Main Office||331||351|
|Mortgage Broker Branch Office||130||146|
|Consumer Loan Main Office||433||417|
|Consumer Loan Branch Office||1,370||1,160|
|MLOs Active & Inactive||7,873||6,604|
Changes are coming in April to both the education and testing requirements for new MLO applicants. The changes outlined below do not apply to those already holding a Washington MLO license and who intend to only be licensed in Washington.
April 1, the new Uniform State Test (UST) will launch. The UST is 25 questions and covers high level state-related content. With the implementation of this new test, Washington will no longer require new MLO applicants to pass our state-specific test in addition to the National Test.
The UST will be added to the existing National Test to form the new National Test with UST. A new MLO application who has never tested will only need to take the single National Test with UST to meet Washington’s testing requirement.
Additionally, for one year, the UST will also be available as a stand-alone test. MLOs currently licensed in one state (already passed the National and a state-specific test) who wish to obtain licensure in another state, may want to take the stand-alone UST. Then, if licensure is sought in the other state and that state has adopted the UST, no additional testing would be required.
April 1 will also bring an increase in Washington’s Pre-Licensing Education (PE) requirement for new MLOs. Applicants must complete 22 hours of PE with 4 of the hours covering Washington law. DFI amended the rules to increase education specific to Washington due to the phasing out of our state-specific test and the launch of the UST.
The changes to PE do not impact those already holding a Washington MLO license. In addition, there is no change to Washington’s Continuing Education (CE) requirement.
See: Rulemaking Documents
Recognizing the complexity of the education and testing changes, DFI plans to host a webinar in March to provide specific details. More information about the webinar will follow via ListServ.
With another renewal period completed, here are some interesting statistics about renewals:
Q4 Mortgage Call Report (MCR)
If you haven’t yet filed your Q4 MCR, log into NMLS and complete the filing as soon as possible. The filing deadline was February 14. DFI is actively contacting companies who missed the deadline. Failure to file the MCR could result in enforcement action.
Dates to Remember