License Renewal Date:
Annual at the end of the year

(You must have a new license in place January 1 of each year. There is a penalty for late renewals.)

Covered Licenses:
Mortgage Broker – license required unless covered by a specific exemption (see RCW 19.146.020)

Loan Originator – license required unless employed by an exempt entity (bank, credit union, other)

(The division also regulates Consumer Loan Companies, Escrow Agents and Officers, Check Cashers and Sellers (payday lenders), Money Transmitters and Currency Exchangers)

Financial Regulations:
A surety bond of $20K to $60K depending on the number of loan originators employed.

Licensing Requirements:
Member of NMLS
National SAFE Requirements will be in place at the end of 2010

Applicants must pass a licensing test, either for Designated Mortgage Broker or Loan Originator. The Loan Originator is an entry level position. The Designated Mortgage Broker is a responsible person running a mortgage company office.

Two years of demonstrated experience in the mortgage business is a prerequisite to becoming a Designated Mortgage Broker.

Washington continuing education courses now to have varying course hours assigned to each. Licensees must complete 8 hours of approved continuing education annually and will need to show they have completed 20 hours by the end of 2010 in order to comply with SAFE licensing requirements and to renew. The component parts of the 20 hours are outlined in the SAFE Act.