Number of licenses:
|License Types||Count as of
|Count as of
|Mortgage Broker Main Office||299||329|
|Mortgage Broker Branch Office||123||125|
|Consumer Loan Main Office||480||436|
|Consumer Loan Branch Office||1,651||1,349|
|MLOs Active & Inactive||9,026||7,547|
Consumer Loan licensees who make residential mortgage loans and employ managers should be aware of a recently adopted rule. WAC 208-620-301 requires managers, including branch managers, to hold a MLO license if they:
The rule implementing this requirement became effective January 1, 2014. DFI understands it may take time to get these individuals licensed. Companies have until February 15, 2014 to have all affected individuals properly licensed.
You can access the newly effective rules on our rulemaking webpage.
See also: MLO Licensing Information
An important date is approaching for MLO licensees who previously passed the retired National Test. The Stand-Alone Uniform State Test (UST) is only available through March 31, 2014. The Stand-Alone UST is a special version of the current National Test with Uniform State Content. Passing this test allows MLOs to satisfy state test requirements of 39 state agencies (pdf) who have adopted the UST.
To illustrate how passing the Stand-Alone UST benefits MLOs consider this. A current MLO licensee decides to obtain licensure in a new state or moves to a new state and wishes to obtain licensure there after March 31. If the new state adopted the UST and the MLO does not have the Stand-Alone UST passed, the individual’s only option is to pass the National Test with UST. This essentially means retaking the National Test because there is no other way to take the UST to meet the state requirement.
Details on the Stand-Alone UST include:
More information on the Stand-Alone UST, including how to register and a content outline can be found on the Uniform State Test webpage.
The arrival of the New Year brings closure to the on-time portion of the 2014 renewal period. This year licensees experienced the most streamlined renewal process since signing onto NMLS. For most, the process involved only an attestation and payment.
DFI thanks all licensees who renewed on or before our December 15 deadline. While the renewal process was simplified, the number of licensees requesting renewal far exceeded the previous two years. The chart below shows the number of licensees (company, branches and individuals), who had approved renewals at the end of the calendar year.
Licensees who missed the renewal period can reinstate the expired license until February 28, 2014. The process is similar to an on-time renewal but includes a late fee and a Declaration of Activity.
The end of the calendar year signals the start of the annual reporting period. Mortgage Broker licensees must file the Q4 Mortgage Call Report (MCR) to meet annual report requirements. Consumer Loan licensees must file both the Q4 MCR and the Consumer Loan Annual Assessment and Report. Here are critical dates:
Consumer Loan licensees should be aware of a change to the Consumer Loan Act which allows for license expiration for failure to file the annual report and pay the annual assessment fee by March 1.