We made it through the holidays and license renewal. I am happy to say that the vast majority of you made it through without a hitch. My sincere thanks to all of you.
My message for next year is to get your continuing education done early and renew during the renewal window from November 1st to December 15th
It has now been about three years since the federal SAFE Act required our mortgage licensees to file a mortgage call report (MCR) each quarter detailing the transactions that occurred during the previous quarter and an annual financial report at the end of the year.
Up until now, the Department has not taken action against late filers but we have decided to encourage prompt filings by those companies that seem to file late each quarter. The first late filing will result in a letter reminding the company to make sure to file on time – 45 days after the end of the quarter.
To achieve the goals of Results Washington and Result DFI, we are implementing a robust examination protocol that maximizes efficiencies while minimizing the onsite impact to regulated licensees.
Read this article for more information about the improved protocol.
Enforcement has recently received complaints regarding loan originators who "transfer" clients to their new employer, without the consent or knowledge of the applicant or the sponsoring entity. The rules related to loan files and prospective borrowers are quite clear, and are often part of the contractual relationship between the employer and the loan originator.
Here’s a “best practices” primer for loan originators who know they will be transferring to a new employer.
Several new rules went into effect on January 1, 2014.
Read our rulemaking update for more information about new and amended sections of the rules.