Washington Mortgage Education
EasyRealEstateSchool.com offers these Washington mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.
Who is required to have the Washington Mortgage Loan Originator (MLO) license? (Jurisdiction-Specific Requirements)
- As an individual, you need this license if you will offer mortgage brokering or loan origination services to Washington State citizens or for property in Washington State.
- If you represent a Washington State licensed Mortgage Broker, you need the MLO license.
- If you represent a Washington State licensed Consumer Loan company, you need the MLO license.
- If you represent a Credit Union Service Organization (CUSO), you need the MLO license.
Who does not need the Washington Mortgage Loan Originator (MLO) license?
- If you are the Designated Broker (DB) for a WA licensed Mortgage Broker and you do not wish to originate loans; apply for the DB Registration instead.
- If you represent a depository institution (bank or credit union), the LO license is voluntary.
Pre-requisites At a Glance:
- Net worth – not unique to MLO applications
- Bond amount – not unique to MLO applications
- Criminal background check – yes
- Credit check – yes
- Experience – no
- Testing – yes
- Education – yes
What are the pre-requisites for license applications?
Before an individual applies for a Washington Mortgage Loan Originator (MLO) License, the following must be completed:
- NMLS Pre-Licensing Education – Complete 20 hours of NMLS approved pre-licensing education. NOTE: At least 2 of the 20 hours must be in Washington law.
- Testing – Pass both the SAFE National and Washington State component tests.
- Apply for the MLO License – Complete and submit your MU4 through the NMLS, including paying the license fee.
- Sponsorship – Contact the company you work for and get them to submit a sponsorship request via the NMLS for your license application.
- Fingerprinting – Within 5 business days of applying for the MLO license, schedule an appointment and have your fingerprints taken by a NMLS-authorized fingerprint vendor. DFI cannot begin processing your MLO application until criminal background check results have been reported in the NMLS.
- Checklist & Attachments – Within 5 business days of applying for the MLO license, fax or email the MLO New Application checklist to DFI at (360) 664-2258 or DCS@dfi.wa.gov.
For more information about the actual course please visit Mortgage Education Course FAQ’s.
Washington State Requirments
SAFE ACT Requirements
- SAFE MLO Test – All licensees must pass the National Component of the SAFE MLO Test by 12/31/2010. Existing licensees who did not pass a Washington test administered by PearsonVue between June 2007 and July 2009 must also pass the State Component of the SAFE MLO Test by 12/31/2010. All new applicants must pass the National & State Components of the SAFE MLO test. If the applicant applies for a license on or before 5/31/2010 and passed the Washington PearsonVue test between June 2007 and July 2009 then they do not need to pass the State Component of the SAFE MLO Test
- Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by TBD.
- Credit Report – All licensees must authorize a credit report through NMLS by TBD
Washington Mortgage Education Requirements
- SAFE Act Pre-License (required courses – SAFE CORE 8 hours) – All new applicants on or after 11/1/2009 must have completed 20 hours of NMLS approved prelicensure education, including 2 hours of WA specific. Existing licensees as of 10/31/2009 must complete 20 hours of NMLS approved education by 12/31/2010, unless the licensee has completed at least 20 hours of DFI approved education prior to 5/31/2010.
- SAFE Act Continuing Education (required courses – SAFE CORE 7 Hours) – All licensees must take 9 hours of NMLS approved continuing education, including 1 hour of WA specific, in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
- Certification (Education) – Individuals licensed as of 7/30/09, who renewed for 2010 and who completed 20 hours of WA state approved education on or before 5/31/2010 may be eligible to participate in the PE certification process and may not need to take the NMLS approved pre-licensing education. Refer to WA state’s website for more information: http://dfi.wa.gov/cs/mlo-certification.htm
- Certification (Test) – All new applicants must pass the National & State Components of the SAFE MLO test. If the applicant applies for a license on or before 5/31/2010 and passed the Washington PearsonVue test between June 2007 and July 2009 then they do not need to pass the State Component of the SAFE MLO Test.
For more information about the actual course please visit Mortgage Education Course FAQ’s.