Mortgage Industry Webinar
Mortgage Industry Webinar
We will begin shortly
Call In #: 1-855-929-3239 Meeting #: 282 496 036 Password: October312018
Your audio will be muted upon entry. If you have a question during the presentation, please send a message to the presenter.
There will be a portion at the end of the webinar where there will be a Q&A. We will try to get to as many questions as possible.
This webinar is being recorded and will be available on our website shortly after the meeting.
If you run into technical difficulties contact WebEx support at: .
Mortgage Industry Webinar Agenda
Call In #: 1-855-929-3239 Meeting #: 282 496 036 Password: October312018
Wednesday October 31, 2018 9:00 a.m.
1. Welcome
The information provided during this webinar is for informational purposes only and is not legal advice. You should contact an attorney to obtain advice with respect to any particular business practice. The opinions expressed during the webinar are the opinions of the individuals and may not reflect the opinions of the department. The information provided may not be applicable in all situations or under all circumstances. You are ultimately responsible for compliance with state and federal law.
2. Licensing Update ? Maureen Camp 3. Examination Update ? Alan Leingang 4. Enforcement Update ? Steve Sherman 5. Rulemaking Update ? Cindy Fazio 6. Question/Answer Session ?Devon Phelps
This webinar is being recorded and will be available on our website shortly after the meeting has concluded.
Licensing Unit Report - Mortgage Program
Mortgage Industry Webinar October 31, 2018
License Types
Oct 2015 Oct 2016 Oct 2017 Oct 2018
Mortgage Broker Main
283
282
291
296
Mortgage Broker Branch 166
191
195
200
Consumer Loan Main
533
575
644
669
Consumer Loan Branch
1,911
2,194
2,453 2,553
MLOs (Active & Inactive) 14,274 17,157 18,619 19,298
Total Change
+13
+34
+136
+642
+5,024
Licensing Trends Number of mortgage licensees continues to grow; now more than 23,000 o 5.3% growth in company licensees from June 2017 to June 20181 Just over 200 company licensees located in state o 3.9% growth in MLO licensees from June 2017 to June 20181 Nearly 4,000 MLO licensees located in state Inactive licensees growing; about 4,000, fairly typical for October
1 Source: NMLS Q2 Mortgage Industry Report
Application Trends MLO applications slowed in Q2 and Q3; similar trending to previous year o Most applicants are new to the state but still seeing former licensees returning Company applications trending exactly opposite; increasing quarter after quarter o Most under CLA, but still seeing 1-4 MBPA applications a quarter o CLA licensees mostly mortgage-related; some Master Servicers or new Servicers o Expecting some Student Education Loan Servicer applications in Q4
Electronic Surety Bonds Past deadline to convert paper surety bond to ESB in NMLS for all mortgage companies o Virtually all Mortgage Brokers done; about 100 Consumer Loan still to go Now that bond converted to ESB, don't forget: o All bond materials issued and delivered through NMLS (riders, cancellations, etc) o Data not listed on the bond don't require riders to change (trade name, address) o Bond materials, except cancellations & reinstatements, delivered by licensee
Bond Changes for Mortgage Services Only Rules adopted September 1 remove surety bond requirement for many servicers o Servicing GSE loans ? no bond requirement o Servicing non-GSE loans only ? bond requirement only if don't meet net worth
WAC 208-620-322
Mortgage Renewals for 2019
What You Need to Know Renewal period opens November 1 MLOs and Designated Brokers must authorize new Criminal Background Check (CBC) and Credit Report for renewals Temporary fee waiver reduces MLO renewal fee to $75 ($45 DFI Fee, $30 NMLS fee) DFI's renewal deadline is December 15 ACT EARLY ? Many MLOs and Designated Brokers still haven't completed CE
Mortgage Renewals - MLOs
Do These Steps Now - MLOs Log into NMLS to verify User Name and Password
Resolve all license items
Review current record for accuracy ? don't wait until November to file updates
Complete Continuing Education (CE) o 9 hours consisting of the 8 hour SAFE Core + 1 hour in WA law NOTE: Retaking PE does not meet CE requirements
Renewal Fees ? if done before 12/31
$45.00
Renewal Fee
$30.00
NMLS System Fee
$75.00
Additional Notes
License items, other than pending ACH payments, will delay renewal processing
If renewal not approved by 12/31, license marked as expired until renewal completed
All licenses, including inactive ones, must be renewed to be maintained for 2019
Reinstatement Period runs Jan 1-Feb 28 o Late Fee imposed o Activity Declaration required
Mortgage Renewals - Companies
Do These Steps Now - Companies Log into NMLS to verify User Name and Password
Resolve all license items
File Q3 Mortgage Call Report (MCR) ahead of Nov 14 deadline
Review current record for accuracy ? don't wait until November to file updates
Mortgage Brokers Only Complete Continuing Education (CE) o 9 hours consisting of the 8 hour SAFE Core + 1 hour in WA law
Renewal Requirements for each License Type
Mortgage Broker
Consumer Loan
Non-Perpetual License, must be renewed Perpetual License, must be attested to
Renewal Fees
Annual Attestation Fees
o $530 per location
o $100 (main), $20 (branch) NMLS
o $100 (main), $20 (branch) NMLS
System Fee
System Fee
If renewal not approved by 12/31, license If renewal not approved by 12/31, no
marked as expired until renewal done
impact on license status
Designated Broker Requirements must be
met & renewal submitted at same time
Renewed license emailed
No new license
Reinstatement Period: Jan 1-Feb 28
Reinstatement Period: Jan 1-Feb 28
o Late Fee imposed
If not renewing, prefer to surrender but can If not renewing, must request surrender
allow license to expire
and provide closure documents - marking
"Not Renewing" does not surrender
Upcoming Deadlines
Nov 1
Renewal Period Opens
Nov 14
Q3 Mortgage Call Report Filing Deadline
Dec 15
DFI's Renewal Deadline
Dec 31
End of Renewal Period
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.