You would think that summer time in Olympia would be a bit slower than the rest of the year.
Unfortunately, with the legislature staying in town until late June and preparing to submit legislation in the early fall, we have been very busy.
In addition to getting ready for mortgage license renewals, our licensing unit is preparing to transition our multi-state money transmitters and payday lenders onto the NMLS
When a Mortgage Loan Originator (MLO) uses social media to connect with current, former and prospective clients it is considered a form of advertisement.
Facebook, YouTube, Zillow profiles, Redfin Openbook profiles, blogs, smart phone applications, and more all are great ways to get in front of a client. Most Consumer Loan and Mortgage Broker companies are unaware that an MLO may even have such a site, or check the content of these sites.
As the slow climb out of the recession continues, many consumers are looking for immediate financial assistance. One of the products being offered to "help out" retirees is a pension-based loan or advance.
The Washington State Department of Financial Institutions (DFI) has determined that this sort of activity may constitute lending under the Consumer Loan Act.
DFI is actively seeking out individuals who have signed up for such pension-based loans and would like to identify entities offering this product to Washington retirees to ensure that the proper protections are being afforded our retirees.
DFI is rulemaking to implement the changes to the laws that occurred during the last legislative session. The changes to the laws became effective July 28, 2013.
The CR 102 public hearings will be held at DFI October 22 for the consumer lending and mortgage broker industries and October 23 for the escrow and money transmitter industries.
Final rules will be adopted November 19 and the rules will become effective January 1, 2014.