Washington Exempt Mortgage Broker Registration

Who is required to have the Washington Mortgage Broker Exemption Registration? • Credit Union Service Organizations (CUSOs) that employ loan originators • Any other exempt company (as defined by the Mortgage Broker Practices Act) that wishes to sponsor a loan originator license Who does not need the Washington Mortgage Broker Exemption Registration? Washington State-licensed Consumer Loan companies have the authority to broker under the Consumer Loan license; therefore do not need to register separately as an Exempt Mortgage Broker. Prerequisites At a Glance: • Net worth – none • Bond amount – none • Criminal background check –loan originators • Credit check –loan originators • Experience – none • Testing – loan originators • Education – loan originators What must I do or send outside the NMLS to apply for the Washington Mortgage Exemption Registration? Before Washington State Department of Financial Institutions, Division of Consumer Services (DFI/DCS) will accept your Mortgage Broker Exemption registration, you must provide: • Evidence of Exemption: • Provide written evidence to support your company’s claim for exemption, such as a published report to stockholders including an organization chart identifying the applicant company’s position as a subsidiary or affiliate of a depository institution • Washington Pre-requisite Licenses • Contact the Washington State Department of Licensing (DOL) at (360)902-3600 or online at www.dol.wa.gov to apply for your Washington State Master Business License which will display your Unified Business Identifier (UBI) number. A copy of this document is not required with your application package. DFI/DCS will verify information directly with DOL. • Type your WA State UBI number on the Checklist (below) which will accompany all of the information sent outside NMLS you send to DFI/DCS. • If your company is a corporation, partnership, or LLC, contact the Washington Secretary of State (SOS) Division of Corporations at (360)753-7115 or online at www.secstate.wa.gov to register your company. A copy of this document is not required with your WA application. DFI/DCS will verify information directly with SOS.