Message from Deb Bortner, Director of Consumer Services:
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, the nationwide licensing portal, in the winter and early spring. Up until now, participation for those industries has been voluntary but any money transmitter or payday lender operating in more than one state will be required to apply through and maintain their license in the NMLS. We will provide more details on that later by ListServ.
Another challenge we have been though this summer is working out the kinks of our new electronic assessment filing system for consumer loan companies. For the most part it was a major success. We did have to compare the mortgage call reports with the assessment reports. Unfortunately, for a number of consumer loan companies, the numbers donít match. This requires the filing of either a new mortgage call report or a new assessment report. We will expect companies to do better next year, making sure the call reports and assessment reports are consistent. For our part, we will be changing some of the terms in the new system to match those of the mortgage call report.
Finally, our enforcement unit is still busy responding to complaints from consumers scammed by fraudulent loan modification providers. We hope that with an improving economic climate most consumers will be able to refinance or sell their homes to avoid these schemes.
Deb Bortner, Director Consumer Services