I am one of the 1,900 Loan Originators that have renewed their license for 2008.  If you haven't, then renew your Loan Originator license soon at http://dfi.wa.gov/cs/loan_originator_renewal.htm.  Remember that all Loan Originator Licenses expire on 12/31/2007 and you cannot conduct business without a valid Loan Originator License.

REALTORS - DON'T GET CAUGHT IN A TRANSACTION THAT YOUR LOAN OFFICER CAN NO LONGER CLOSE FOR YOU!  Ask them now if they have their license renewed for 2008.  This is the first year that the exam and continuing education is required to be complete.

Frequently Asked Loan Originator License Renewal Questions  

Question:  What is the process for renewing my Loan Originator License?

Answer:  DFI has created an online tutorial that explains each step of the Loan Originator License renewal process.  You will find the tutorial at http://dfi.wa.gov/cs/loan_originator_renewal.htm.  This webpage also contains lots of valuable information, including what items you will need to complete the renewal process.  

Question:  I passed the Promissor test today, when can I renew my Loan Originator license?

Answer:  Please allow 3 business days before submitting your Loan Originator License renewal online.  This permits Promissor and DFI the ability to update the records and grant you access to the online renewal.  

Question:  What if I do not renew my Loan Originator License until after 12/31/2007?

Answer:  You will incur a late fee of $62.50 and will not be able to conduct business until you receive your new valid Loan Originator License.

Question:  If I renew my Loan Originator License after 12/31/2007, are the continuing education and testing requirements different?

Answer:  No.  If you renew your Loan Originator License after it expires on 12/31/2007, you will still have to demonstrate satisfaction of the same continuing education and testing requirements.

Learn more about Loan Originator License renewal at http://dfi.wa.gov/cs/loan_originator_renewal.htm.

New Requirements for Loan Originator Applicants

The requirements for new Loan Originator Applicants have changed.  Learn more at http://dfi.wa.gov/cs/loan_originator.htm.  If you know someone who is considering becoming a Loan Originator, please forward this email to them and encourage them to sign up for this ListServ at http://www.dfi.wa.gov/cs/mortgagelist.htm.