4 Hour WA SAFE: Washington Mortgage Lending Laws
Mandatory Washington state-specific component for DFI mortgage licensee applicants
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This course presents Washington law and rule requirements relating to originating mortgage loans securing residential real property located throughout the State of Washington. The purpose of this training is to prepare Washington Mortgage Loan Originator license candidates with the necessary information to ensure fair, ethical, and compliant mortgage loan origination activities.
+ $6.00 NMLS Credit Banking Fee
|Category:||Mortgage > License Training > Washington > PE Elective|
|Purpose:||Mandatory Washington state-specific component for DFI mortgage licensee applicants|
|Features:||Online Text, Online Audio, PDF eBook, Printable Certificate|
NMLS Course Provider ID: 1400327
Purchase of this package requires that you read and acknowledge an Enrollment Agreement agreement before receiving credit for any courses contained in this package. Please review the following:
NMLS Course ID: 11656
NMLS Sponsor ID: 1400327
Credit Hours Provided: 4
Category: PE Elective
This course is designed to prepare candidates to take the exam to become a state-licensed mortgage loan originator in Washington under the Washington State Department of Financial Institutions (DFI). This 4-hour course covers Washington specific rules and regulations, and is required as part of the 20 hours of prelicensure education needed to become an Washington mortgage loan originator.
This course consists of four modules and a final exam:
Total study time: 4 clock hours
In this chapter we'll introduce you to the government agency that oversees the mortgage industry in our state, the Washington State Department of Financial Institutions (DFI). We'll also introduce you to the Mortgage Broker Practices Act (MBPA) and the Consumer Loan Act (CLA), the state laws the define the authorization requirements for license applicants as well as the conduct of licensed mortgage loan originators and mortgage brokers.
After being granted a license by the Department of Financial Institutions, a licensee is required to conduct themselves under the rules of the department. In this chapter we'll explain how to renew a license, the record keeping requirements expected of licensees, and how to comply with DFI requirements. Trust account regulations will also be covered, outlining a mortgage broker's responsibilities when handling funds given to them in trust. Licensees also have reporting responsibilities to the DFI when information about their license status changes such as legal name changes, email address updates, or if criminal charges have been filed against the licensee.
In this chapter we'll break down various types of security devices: promissory notes, deeds of trusts, and mortgages. First we will outline the components of a promissory note and how these notes may be negotiable. Then we'll describe both mortgage and trust deeds, the security interest the lender has in the property, and discuss the differences between these two security instruments. You'll also learn what happens when a borrower's security instrument must be foreclosed because the borrower cannot comply with their promise to repay.
In this last chapter, we'll outline the activities and conduct that a licensee cannot participate in under Washington. If the DFI finds a licensee has partaken in activities that harm consumers or the lending industry, the agency has the authority to punish the licensee by imposing fines and removing a licensee's authorization to conduct lending activities in this state. We'll also describe what information must be outlined in writing by a licensee to be disclosed to a consumer or borrower, and identify fees that can be counted towards a licensee's commission for successfully walking a borrower through their loan.
You must have an NMLS ID to receive credit for this course. You will need this number before you begin the course.
If you already have an NMLS ID, but don't remember what it is:
If you do not have an NMLS ID and need to obtain one, use the instructions available in the NMLS Resource Center
This course will remain available to students for 365 days after enrollment.
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