Loan Officer's in WA - REQUIRED LICENSING by 12/31/07

Loan originators doing business in Washington State must be licensed with DFI's Division of Consumer Services.

Follow the steps below:

Step One: Complete an online license application. The online license application requires you to pay the application fee ($125) with a credit card.

Step Two: Mail the following items to DFI:

1. A completed fingerprint card. Fingerprint cards can be obtained from DFI or at your local law enforcement office. Review the fingerprint card instructions (PDF)* on how to complete the cards.
2. A completed paper copy of the MU4 authorization form found on the DFI website. Have it notarized then mail it to DFI with your fingerprint cards.

Note: The address from which you operate must be a licensed Mortgage Broker office.

Step Three: Pass the licensing test. You must take and pass a test that assesses your knowledge of the mortgage business and related regulations.

1. Register to take the loan originator licensing test. Tests are administered by a national testing service that offers many testing center locations.
2. Test Outline.
3. Test Study Guide with 698 Questions & Answers.

Step Four: Complete the required annual continuing education.

Complete Laws and Rules can be found at DFI's website here.

Other necessary sites:

• FDIC - TRUTH IN LENDING REGULATION Z
• US Dept. of HUD - RESPA - Real Estate Settlement Procedures Act
• Fannie Mae
• Mortgage Broker Practices Act - Chapter 19.146 RCW
• APR Calculator online will teach you to understand the calculation from your Interest Rate after adding in items affecting the APR
• Calculated Industries offers easy-to-use real estate, mortgage & financial calculators and portable, electronic distance measuring tools. I suggest Qualifier Plus IIIFX that includes a Tutorial CD and Workbook.

HOPE Lending LLC will be required to suspend any Loan Officer activity that does not comply with state requirements by the due date.

Melissa Olson, President