June 1, 2009 Update: I just got off the phone with someone in the licensing department at DFI. They hope to have more information available soon for mortgage originator licensing. Some details are still being worked out. From what I could gather from my conversation this morning, the main advantage for licensing now vs. later is that you will have more time to complete the clock hours, take the exams and to be able to spread out the costs for said classes and exams. I sincerely apologize for misinterpreting DFI’s site on the requirements for LO licensing…I wish I could line out my title of this post!
In April, SHB 1621was signed by Governor Gregoire requiring loan originators employed by correspondent lenders/consumer loan companies to obtain a Washington Loan Originator License by July 1, 2010. The State passed SB6471 last summer which had “unintended consequences” causing some loan originators who were regulated by the Mortgage Brokers Practices Act (and therefore licensed) to become defined under the Consumer Loan Act–allowing those LO’s to be “unlicensed”. With the passage of the SAFE Act, the State is stepping up to National laws which include CLA loan originators.
So my fellow mortgage professionals who are employed at correspondent lenders, here is an opportunity for you: if you submit your application to become licensed by July 30, 2009; you’ll reduce your education requirements by 12 hours and pass one less exam.
Here are the requirements to apply for a Washington Loan Originator Licenese from DFI.
All applicants (regardless of when you decide to sumbit your license) must complete Form MU4 via the Nationwide Mortgage Licensing System and Registry (NMLSR) and submit one fingerprint card, pay $155 licensing fee and…
LO Applications Submitted by July 30, 2009 (in addition the above):
- Pass the PearsonVue Loan Originator test
- Complete 8 hours of approved continuing education by December 31, 2009.
Or you can wait until after July 30, 2009 to submit your LO Application and in addition to the above requirements:
- Pass the State and National exams.
- Complete 20 hours of approved continuing education by December 31, 2009.
Do you really like to procrastinate? Opt to delay this process until January 1, 2010 and you still get to pass both exams and complete the 2o hours of CE prior to submitting your license prior to the July 1, 2010 deadline. (DFI ask that you submit license no later than April 1, 2010 to allow processing time).
Deb Bortner of DFI will be speaking about the SAFE Act and Washington State Loan Originator Licensing at two upcoming events:
- June 4, 2009 from 4:00 – 8:00pm at The Venue on South Union in Tacoma. $50 includes dinner and wine from The Three Chicks.
- June 19, 2009 from 12:30 – 5:00pm at Safeco Field – Ellis Pavilion in Seattle. $50 includes a ticket to the Mariner’s Game and lunch.
Both events include presentations on social media for mortgage professionals. I’ll be one of the speakers at Safeco Field along with David Gibbons from Zillow. 🙂 If you’re interested, you can get more info or register for either event with the Washington Association of Mortgage Professionals (membership to WAMP is not required).
As someone who’s gone through licensing, I can tell you it’s (an important) chore. Classes will fill up as the deadlines approach and I had the pleasure of being fingerprinted three times before I had a print that was acceptable. If you fail your exam three times (I wonder how often this happens); you’ll have to wait six months before you can try your luck at the exam again which means no loan originating for you until you have successfully passed your exams.
If you are originating mortgages in Washington State, I would not delay getting your Loan Originator License.
Hey Jillayne, double check on this if you would. My math comes up a bit different when I read the SAFE act. Maybe I am wrong, but taking the licensing exam prior to July 31, if it is the exam developed by the State of Washington, would not exempt you from the NMLSR test. The SAFE act reads that the test you pass must be “developed by” the NMLSR. The WA state test was not, thus originators will be taking an additional test if they go too quickly.
Secondly, on education, they will still need 20 hours anyway you look at it. They either need the entry level 20 or 20 of continuing education. I don’t see the 12 hours of savings.
Am I totally wrong here?
Hey Jillayne, double check on this if you would. My math comes up a bit different when I read the SAFE act. Maybe I am wrong, but taking the licensing exam prior to July 31, if it is the exam developed by the State of Washington, would not exempt you from the NMLSR test. The SAFE act reads that the test you pass must be “developed by” the NMLSR. The WA state test was not, thus originators will be taking an additional test if they go too quickly.
Secondly, on education, they will still need 20 hours anyway you look at it. They either need the entry level 20 or 20 of continuing education. I don’t see the 12 hours of savings.
Am I totally wrong here?
Ken, I forwarded your comment to Jillayne.
From NMLS:
“Please note that while the SAFE Act requires NMLS to fulfill certain responsibilities associated with providing educational services or ensuring background checks are completed, it is individual state law that determines when a state-licensed MLO is required to take the SAFE Mortgage Test, complete pre-licensure or continuing education training, and when state-licensed MLOs are required to complete their background checks. State-licensed MLOs should refer to their state agencies regarding schedules for completing each of the professional requirements.”
From NMLS:
“Please note that while the SAFE Act requires NMLS to fulfill certain responsibilities associated with providing educational services or ensuring background checks are completed, it is individual state law that determines when a state-licensed MLO is required to take the SAFE Mortgage Test, complete pre-licensure or continuing education training, and when state-licensed MLOs are required to complete their background checks. State-licensed MLOs should refer to their state agencies regarding schedules for completing each of the professional requirements.”
One thing is for sure: All LOs will wait until the last possible moment to test and get their continuing ed.
I’m reading through SHB 162.
INTERESTING READING ON PAGE 19:
If an LO has had a foreclosure on their record during the last three years, the LO will not meet the moral fitness test for a WA State LO license.
This is big news.
In terms of Ken’s question,
Ken is correct. An LO who takes the existing WA State exam today would still have to take the NATIONAL exam.
Further, an LO who takes the existing WA State LO exam today (or at any point in the past) and passes (or passed) with a score between 70% and 74.99% will have to retake the new STATE exam because the new laws say that LOs have to pass their exam with a score of 75% or higher.
Ken is also correct regarding continuing ed. Existing LOs who have been around for a while can count up their 6 hours per year for the last three years: 6 x 3 = 18 and then they’ll only have to make sure they take two more credit hours to equal 20 hours by the deadline (I am not going to state a deadline for the Los who work for a broker because there are too many deadlines floating around. Without CLEAR and DIRECT WRITTEN communication from DFI, it’s all just heresay and one person’s interpretation so in answering Ken’s question I’m only talking about existing LOs licensed under a broker. Recall Rhonda says that LOs working at a consumer loan company do not have to be licensed at all today.)
Everyone is going to have to hit that “20 hours” mark in some way or another. Brand new LOs will just take a new prelicensing class by the prescribed deadline.
An LO who works at a consumer loan company today and takes the exam and completes 8 hours of CE in 2009 would still have to take 12 more hours of CE in order to meet the 20 hour threshold. What the deadline is for those 12 hours I am not entirely sure. If I were to guess, I’d say by the end of 2010 but what we really need is a visual chart with dates and deadlines put together by DFI.
The answer is in the SAFE Act and right now I’m heading out to the film festival again and don’t have time to read through the entire act again.
Rhonda, I recommend having DFI tell you exactly where in the SAFE Act they reference the requirements for completing the continuing ed for EXISTING licensees because that’s what you’re trying to cover/recommend: That CL LOs become existing licensees prior to July 31.
I’m with Ken.
One thing is for sure: All LOs will wait until the last possible moment to test and get their continuing ed.
I’m reading through SHB 162.
INTERESTING READING ON PAGE 19:
If an LO has had a foreclosure on their record during the last three years, the LO will not meet the moral fitness test for a WA State LO license.
This is big news.
In terms of Ken’s question,
Ken is correct. An LO who takes the existing WA State exam today would still have to take the NATIONAL exam.
Further, an LO who takes the existing WA State LO exam today (or at any point in the past) and passes (or passed) with a score between 70% and 74.99% will have to retake the new STATE exam because the new laws say that LOs have to pass their exam with a score of 75% or higher.
Ken is also correct regarding continuing ed. Existing LOs who have been around for a while can count up their 6 hours per year for the last three years: 6 x 3 = 18 and then they’ll only have to make sure they take two more credit hours to equal 20 hours by the deadline (I am not going to state a deadline for the Los who work for a broker because there are too many deadlines floating around. Without CLEAR and DIRECT WRITTEN communication from DFI, it’s all just heresay and one person’s interpretation so in answering Ken’s question I’m only talking about existing LOs licensed under a broker. Recall Rhonda says that LOs working at a consumer loan company do not have to be licensed at all today.)
Everyone is going to have to hit that “20 hours” mark in some way or another. Brand new LOs will just take a new prelicensing class by the prescribed deadline.
An LO who works at a consumer loan company today and takes the exam and completes 8 hours of CE in 2009 would still have to take 12 more hours of CE in order to meet the 20 hour threshold. What the deadline is for those 12 hours I am not entirely sure. If I were to guess, I’d say by the end of 2010 but what we really need is a visual chart with dates and deadlines put together by DFI.
The answer is in the SAFE Act and right now I’m heading out to the film festival again and don’t have time to read through the entire act again.
Rhonda, I recommend having DFI tell you exactly where in the SAFE Act they reference the requirements for completing the continuing ed for EXISTING licensees because that’s what you’re trying to cover/recommend: That CL LOs become existing licensees prior to July 31.
I’m with Ken.
I’ll be contacting DFI on Monday (tomorrow) to get clarification–and I’ll report back.
Jillayne:
Re # 4. Yes, but that is rational behavior. Why do something that has a cost in time and money before it is necessary. You could be hit by a bus tomorrow…
I may be under a misconception, but I scrambled to complete a few things before an October 1, 2008 deadline to avoid some of this stuff. I hope the scramble was worth it.
I won’t be surprised to see rules change, and promises reneged.
I really don’t mind taking tests, nor do I mind taking classes, (truthfully, I find both to be somewhat fun) but I dislike spending money, or time, needlessly.
Jillayne:
Re # 4. Yes, but that is rational behavior. Why do something that has a cost in time and money before it is necessary. You could be hit by a bus tomorrow…
I may be under a misconception, but I scrambled to complete a few things before an October 1, 2008 deadline to avoid some of this stuff. I hope the scramble was worth it.
I won’t be surprised to see rules change, and promises reneged.
I really don’t mind taking tests, nor do I mind taking classes, (truthfully, I find both to be somewhat fun) but I dislike spending money, or time, needlessly.
Rationality has many sides.
Remember the December snow? I had people travel from as far away as the Key Peninsula on a snow day, in order to take a class that I DID NOT cancel due to snow. Most everyone showed up that day and they probably wished they would have taken their classes any other time except that week.
Live classes can be cancelled or sell out.
Rationality has many sides.
Remember the December snow? I had people travel from as far away as the Key Peninsula on a snow day, in order to take a class that I DID NOT cancel due to snow. Most everyone showed up that day and they probably wished they would have taken their classes any other time except that week.
Live classes can be cancelled or sell out.
I don’t think anyone likes to waste money…especially in this economy. What I really hate is wasting time…you cannot regain lost time.
I went around and around with a very patient person at DFI today…I would love it if someone from DFI would comment on this post. I asked if they would come out with a grid or something more clear for our tired, overworked LO’s…and she’s hoping they will. DFI is working on a new newsletter or email (one of their emails is what prompted my post).
If others contact DFI for a clear explanation of why become licensed before July 30, I’d welcome your feedback here (do it, Roger!!!) 🙂
There was a time I believed being licensed was an advantage over unlicensed… I still feel that way but not as strongly. There are good (and BAD) LO’s in every institution type… what’s important is what are your rights as a consumer if everything goes wrong. DFI was quoted in the Seattle PI (I believe it was the PI and not the Times) that consumers are safer working with LO’s who are regulated at the State level vs Federal…which makes total sense to me. Anyhow…I’m rambling.
I don’t think anyone likes to waste money…especially in this economy. What I really hate is wasting time…you cannot regain lost time.
I went around and around with a very patient person at DFI today…I would love it if someone from DFI would comment on this post. I asked if they would come out with a grid or something more clear for our tired, overworked LO’s…and she’s hoping they will. DFI is working on a new newsletter or email (one of their emails is what prompted my post).
If others contact DFI for a clear explanation of why become licensed before July 30, I’d welcome your feedback here (do it, Roger!!!) 🙂
There was a time I believed being licensed was an advantage over unlicensed… I still feel that way but not as strongly. There are good (and BAD) LO’s in every institution type… what’s important is what are your rights as a consumer if everything goes wrong. DFI was quoted in the Seattle PI (I believe it was the PI and not the Times) that consumers are safer working with LO’s who are regulated at the State level vs Federal…which makes total sense to me. Anyhow…I’m rambling.
Yes, it is rational to be prepared, and to invest time or money at the appropriate time. Sometimes, that is sooner, sometimes it is later.
I think DFI is very confused at the moment, as they struggle with being compliant at the federal level, and merge it with existing state efforts.
Rhonda, government services are generally inefficient, but that does not argue for their elimination or replacement.
Without the state’s efforts to implement licensing early, (with, I should add, the support of the mortgage broker industry and WAMP), we could be in a seriously worse mess than we are currently in.
At the very least, some bad actors were forced out of the business (and maybe some good ones, who knows), and a basic mortgage literacy test was required.
I think the test itself is SERIOUSLY flawed, and should include much more real-life scenario testing, and competency, but that is a different matter.
I may take you up on your challenge Rhonda, but my preference is to let the specialists at our company work on it. I have inquired already, and have received similar ambiguous answers that you received from DFI.
Hi Rhonda,
Thanks for calling DFI for us.
I have many pages of notes from listening in during conference calls, attending commission meetings, reading the statutes and exchanging phone calls and emails from people at the state and national level. Most of my notes revolve around the testing and education piece of the changes coming our way. I think I’ve got it all down for now…but we must continue to watch for changes and announcements coming from the state and national level.
I can put something together for us but it will have to wait a few more days. I have back to back classes this week, plus soccer all week long, band concert tonight, 6th grade pool party on Friday….scrimmage on Saturday….Film Festival on Fri, Sat and Sunday…..!
Hi Rhonda,
Thanks for calling DFI for us.
I have many pages of notes from listening in during conference calls, attending commission meetings, reading the statutes and exchanging phone calls and emails from people at the state and national level. Most of my notes revolve around the testing and education piece of the changes coming our way. I think I’ve got it all down for now…but we must continue to watch for changes and announcements coming from the state and national level.
I can put something together for us but it will have to wait a few more days. I have back to back classes this week, plus soccer all week long, band concert tonight, 6th grade pool party on Friday….scrimmage on Saturday….Film Festival on Fri, Sat and Sunday…..!
The thing that has made it a lot easier to track for me has been reading the SAFE Act, paying attention to NMLSR communication, and contacting CSBS. The State does have the power to create their own law in this case, however they MUST stay within the confines of the Federal SAFE act. They go outside of that and HUD can and will step in. So their interpretation has to flow through the Federal law.
This process will be interesting, but there are a few guarantees.
1. Everybody will take the new national test regardless of time in business,.
2. Everybody needs to show proof of 20 hours of continuing or entry level education to get a license.
3. We will lose originators through this due to so many felons hiding under the CLA. Additionally, anybody who has been kicked out of one state has been kicked out of all states forever! That means everybody who was booted with the house cleaning DFI did last year needs to find a new line of work.
This will be interesting to watch. I just look forward to having every state on the same page!!!
The thing that has made it a lot easier to track for me has been reading the SAFE Act, paying attention to NMLSR communication, and contacting CSBS. The State does have the power to create their own law in this case, however they MUST stay within the confines of the Federal SAFE act. They go outside of that and HUD can and will step in. So their interpretation has to flow through the Federal law.
This process will be interesting, but there are a few guarantees.
1. Everybody will take the new national test regardless of time in business,.
2. Everybody needs to show proof of 20 hours of continuing or entry level education to get a license.
3. We will lose originators through this due to so many felons hiding under the CLA. Additionally, anybody who has been kicked out of one state has been kicked out of all states forever! That means everybody who was booted with the house cleaning DFI did last year needs to find a new line of work.
This will be interesting to watch. I just look forward to having every state on the same page!!!
Wow, maybe I should get into the continuing ed business!
Or felon rehabilitation?
Do you think there is any chance the test will be better constructed and relevant than the WA state test?
Ken, I am very pleased that we can’t have the “bad actors” hop from state to state since we’ll all be on one page. 🙂
Roger, I think you’d make an excellent teacher! 🙂
Roger, the WA State exam was too easy. The pass rate was too high. I believe it is 90% for LOs and less for brokers. (The broker exam IS harder.)
Had a phone conversation with an LO yesterday. She asked me what she would need to study for WA State because she just passed the California exam. Of course I told her that she needs to study the MBPA (mortgage broker practices act) and then I asked her what she knows about the federal laws. I asked her to recite the reason why we have RESPA, what the 4 boxes are on a TILA. She said….”uh….give me a multiple choice question and maybe I’ll know the answer.”
It doesn’t matter if the exam is tougher if nobody is retaining anything. Test and forget? That would be a shame. I guess that’s why there is continuing ed….to continuously hammer on the important stuff.
Roger my guess is that Promissor/Pearson Vue will just load the same bank of test questions. Over the past few years, they have a better understanding of what questions are too easy and which ones are too confusing. But laws have changed so we’ll see some new test questions.
Roger, the WA State exam was too easy. The pass rate was too high. I believe it is 90% for LOs and less for brokers. (The broker exam IS harder.)
Had a phone conversation with an LO yesterday. She asked me what she would need to study for WA State because she just passed the California exam. Of course I told her that she needs to study the MBPA (mortgage broker practices act) and then I asked her what she knows about the federal laws. I asked her to recite the reason why we have RESPA, what the 4 boxes are on a TILA. She said….”uh….give me a multiple choice question and maybe I’ll know the answer.”
It doesn’t matter if the exam is tougher if nobody is retaining anything. Test and forget? That would be a shame. I guess that’s why there is continuing ed….to continuously hammer on the important stuff.
Roger my guess is that Promissor/Pearson Vue will just load the same bank of test questions. Over the past few years, they have a better understanding of what questions are too easy and which ones are too confusing. But laws have changed so we’ll see some new test questions.
Ken,
I’m REALLY curious to see how many CLA loan originators fall out. Unfortunately we have no way of tracking numbers because the CLA LOs don’t have to be counted right now.
Ken, let me know if/when you’ll be hitting Spokane this fall in case I decide not to go so I can send LOs your way.
Ken,
I’m REALLY curious to see how many CLA loan originators fall out. Unfortunately we have no way of tracking numbers because the CLA LOs don’t have to be counted right now.
Ken, let me know if/when you’ll be hitting Spokane this fall in case I decide not to go so I can send LOs your way.
Jillayne re: “my guess is that Promissor/Pearson Vue will just load the same bank of test questions.” The person from DFI that I spoke to indicated that it will be an entirely new exam.
With regards to LO’s who fall under the CLA, there are many who retained their licenses–some as inactive (due to SB6471) since they originally became licensed under the MBPA.
My opinion is that there are many LO’s from across the board (brokers, bankers, corrrespondent lenders, CLAs, etc) who may just be trying to eak out enough biz during this refi boom. This is either not a career they want to be dedicated to and/or they’ve had enough. To do the extra c/e is going to make them throw in the towel…and to them, I say “good bye”.
We’ll lose more than the remaining bad actors.
Jillayne re: “my guess is that Promissor/Pearson Vue will just load the same bank of test questions.” The person from DFI that I spoke to indicated that it will be an entirely new exam.
With regards to LO’s who fall under the CLA, there are many who retained their licenses–some as inactive (due to SB6471) since they originally became licensed under the MBPA.
My opinion is that there are many LO’s from across the board (brokers, bankers, corrrespondent lenders, CLAs, etc) who may just be trying to eak out enough biz during this refi boom. This is either not a career they want to be dedicated to and/or they’ve had enough. To do the extra c/e is going to make them throw in the towel…and to them, I say “good bye”.
We’ll lose more than the remaining bad actors.
Rhonda:
Thanks for the props. Yeah, I teach too much for free, so it must mean it’s a labor of love.
“They say that love don’t pay the rent,
Before it’s earned the money’s all been spent”
Jillayne:
Sure it’s too easy, but worse, it is not testing what is needed to know to both do well, and do good in this business. Ergo, the teaching then gears toward the test.
If the learning is relevant, it is much easier to retain, rather than regurgitate.
Frankly, what I like about your classes and methods is that it DOES seem to encourage actual learning (for some), but as you have discovered, there are loads of students that are about as disinterested and unmotivated as the typical HS student in a ancient history class.
I discuss and theorize about education all the time (my wife is a 1st grade teacher, 3 kids in public schools).
My very favorite school story is this one.
http://www.pnwlocalnews.com/east_king/bel/news/27440714.html
HS kids build an airplane, then the instructor flies it.
“The Build A Plane Glasair project had the four students working for two weeks, putting in eight-hour days to finish the plane in time for its scheduled flight. As the second week wound down, the kids worked feverishly to finish the aircraft. In only four days of work, the kids installed the engine and the wings. Lyn Freeman, a certified pilot, will fly the plane himself.”
Now THAT’s a motivated teacher!
Rhonda:
Thanks for the props. Yeah, I teach too much for free, so it must mean it’s a labor of love.
“They say that love don’t pay the rent,
Before it’s earned the money’s all been spent”
Jillayne:
Sure it’s too easy, but worse, it is not testing what is needed to know to both do well, and do good in this business. Ergo, the teaching then gears toward the test.
If the learning is relevant, it is much easier to retain, rather than regurgitate.
Frankly, what I like about your classes and methods is that it DOES seem to encourage actual learning (for some), but as you have discovered, there are loads of students that are about as disinterested and unmotivated as the typical HS student in a ancient history class.
I discuss and theorize about education all the time (my wife is a 1st grade teacher, 3 kids in public schools).
My very favorite school story is this one.
http://www.pnwlocalnews.com/east_king/bel/news/27440714.html
HS kids build an airplane, then the instructor flies it.
“The Build A Plane Glasair project had the four students working for two weeks, putting in eight-hour days to finish the plane in time for its scheduled flight. As the second week wound down, the kids worked feverishly to finish the aircraft. In only four days of work, the kids installed the engine and the wings. Lyn Freeman, a certified pilot, will fly the plane himself.”
Now THAT’s a motivated teacher!
OK, I could not resist calling DFI.
The lady I talked to could not have been any nicer. Did not catch her name, though.
They are working on updating the FAQ’s to cover the myriad scenarios.
I focused on the areas that concerned my licensing.
Presently, my license is current thru the end of 2009, but inactive.
I am inactive because the company I work with chooses to be regulated under the Consumer Loan Act (CLA), rather than the MBPA route. I argued for doing both, but I can see what a headache it would been for them, and I think they chose the more sensible route.
As I understand it, my best course of action is to make sure that I renew my license by submitting the requirements in the 2 month window at the end of 2009. Those requirements are:
Complete 8 hrs of CE
Pay the licensing fee
Sometime in 2010, there will be some additional testing requirements, even though I have already passed the Broker test in 2005, and the LO test in 2007. Exactly what those testing requirements will be is unknown, but I’m not going to worry about them in the least.
Regarding the test, reportedly, there are people from the industry working on appropriate and relevant content. We can always hope that there is improvement on the test questions.
It appears that the sample test has been removed from DFI site, so maybe we’ll actually have to read and study to pass! I was so motivated to pass the MB test in 2005 on the first go round, because I had to drive all the way to Oly to take it!
OK, I could not resist calling DFI.
The lady I talked to could not have been any nicer. Did not catch her name, though.
They are working on updating the FAQ’s to cover the myriad scenarios.
I focused on the areas that concerned my licensing.
Presently, my license is current thru the end of 2009, but inactive.
I am inactive because the company I work with chooses to be regulated under the Consumer Loan Act (CLA), rather than the MBPA route. I argued for doing both, but I can see what a headache it would been for them, and I think they chose the more sensible route.
As I understand it, my best course of action is to make sure that I renew my license by submitting the requirements in the 2 month window at the end of 2009. Those requirements are:
Complete 8 hrs of CE
Pay the licensing fee
Sometime in 2010, there will be some additional testing requirements, even though I have already passed the Broker test in 2005, and the LO test in 2007. Exactly what those testing requirements will be is unknown, but I’m not going to worry about them in the least.
Regarding the test, reportedly, there are people from the industry working on appropriate and relevant content. We can always hope that there is improvement on the test questions.
It appears that the sample test has been removed from DFI site, so maybe we’ll actually have to read and study to pass! I was so motivated to pass the MB test in 2005 on the first go round, because I had to drive all the way to Oly to take it!
“Sometime in 2010, there will be some additional testing requirements,”
Hi Roger,
I can help you.
The additional requirements are as follows.
1) You will have to pass the new national LO exam.
2) If you did not pass the 2007 LO exam with a score of 75% or higher, you will need to re-take the new STATE LO exam.
I would LOVE to have someone from DFI comment here.
Rhonda, I’m fairly sure that folks from DFI will not leave a comment on a blog post.
I promise to put something together for us but I can’t guarantee a date due to other pressing deadlines, however, anyone can listen in to the last Mtg Broker Commission meeting here:
http://www.dfi.wa.gov/cs/mortgage_commission.htm
They podcast the whole thing. It was toward the beginning of the meeting when licensing and testing was discussed.
This should really help clear things up for you/us until DFI puts out something official in writing.
Rhonda, I’m fairly sure that folks from DFI will not leave a comment on a blog post.
I promise to put something together for us but I can’t guarantee a date due to other pressing deadlines, however, anyone can listen in to the last Mtg Broker Commission meeting here:
http://www.dfi.wa.gov/cs/mortgage_commission.htm
They podcast the whole thing. It was toward the beginning of the meeting when licensing and testing was discussed.
This should really help clear things up for you/us until DFI puts out something official in writing.
Jillayne, I’ll check that out–thanks. We did actually have a DFI examiner commenting on a post here at RCG (to my surprise).
20 hours prelicensing for everyone–I got it. DFI’s site obviously confused me. (Listening now).
Thanks again for the reference to the podcast–it’s nice to hear Deb Bortner thank WAMP for their support. 🙂
I’ve got to start attending the meetings again… I swear I had something pop up at every meeting recently.
When you’re done, let me know what conclusions you come up with and we can exchange notes.
WA LO’s should really listen to the podcast Jillayne has linked. At about 24 minutes they discuss more details about National and State testing.
Much of the test will be on government loans EVEN if the LO does not originate FHA/VA loans.
As Jillayne mentioned in comment 20; if you did not pass the exam with a 75% or higher, DFI will reach out to you to let you know you get to take the State LO test AGAIN.
LO’s who did pass the PearsonVue test in 2007 with 75% or higher are grandfathered for the State Exam.
The new test will be more challenging…. (posting a few notes as I listen).
WA LO’s should really listen to the podcast Jillayne has linked. At about 24 minutes they discuss more details about National and State testing.
Much of the test will be on government loans EVEN if the LO does not originate FHA/VA loans.
As Jillayne mentioned in comment 20; if you did not pass the exam with a 75% or higher, DFI will reach out to you to let you know you get to take the State LO test AGAIN.
LO’s who did pass the PearsonVue test in 2007 with 75% or higher are grandfathered for the State Exam.
The new test will be more challenging…. (posting a few notes as I listen).
This timeline was provided by Deb Bortner at the WAMP social media/DFI LO Licensing event last week for LO Licensing: http://www.mortgageporter.com/LO%20Licensing%20Timeline.pdf
Per WAMP, it sounds like the real “opportunity” is for those LO’s who have let their license lapse:
Deb Bortner will be at WAMP’s next event June 19, 2009 and there is still some space available (RSVP required) to discuss the SAFE Act and LO Licensing.
Thanks J:
Re #20 and 26 “test retake”, DFI and Promissor did not provide us with scores, just pass/fail, but I am told that DFI has that info, and will let us know at some point in the future whether our score requires us to retake or not.
Just another element of uncertainty…sometimes you just gotta roll with it.
Hey, I’m just impressed if anyone from DFI reads this stuff! I think they would have to comment anonymously, if at all.