Revised Code of Washington
Chapter 19.146 - Mortgage Broker Practices Act.
19.146.325 - Loan originator license—Test.

RCW 19.146.325
Loan originator license—Test.

(1) To obtain a loan originator license, an individual must pass a test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards.
(2) An individual is not considered to have passed a test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.
(a) An individual may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test.
(b) After failing three consecutive tests, an individual must wait at least six months before taking the test again.
(c) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer must retake the test, not taking into account any time during which that individual is a registered mortgage loan originator.
(3) This section does not prohibit a test provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the loan originator applicant or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.

[ 2009 c 528 § 8.]
NOTES:

Effective date—License requirement—Implementation—2009 c 528: See notes following RCW 19.146.010.

Structure Revised Code of Washington

Revised Code of Washington

Title 19 - Business Regulations—Miscellaneous

Chapter 19.146 - Mortgage Broker Practices Act.

19.146.005 - Findings and declaration.

19.146.010 - Definitions.

19.146.020 - Exemptions from chapter.

19.146.0201 - Loan originator, mortgage broker—Prohibitions—Requirements.

19.146.030 - Written disclosure of fees and costs—Rules—Contents—Lock-in agreement terms—Excess fees limited.

19.146.040 - Written contract required—Contract entered by loan originator binding on mortgage broker—Written loan broker agreement required.

19.146.050 - Moneys for third-party provider services deemed in trust—Deposit of moneys in trust account—Use of trust account—Rules—Tax treatment.

19.146.060 - Accounting requirements.

19.146.070 - Fee, commission, or compensation—When permitted.

19.146.080 - Borrowers unable to obtain loans—Mortgage broker to provide copies of certain documents—Conditions—Exceptions.

19.146.085 - Duties—Generally.

19.146.095 - Fiduciary duties.

19.146.100 - Violations of chapter—Application of consumer protection act.

19.146.103 - Financial interest in a mortgage broker—Prohibited practices.

19.146.110 - Criminal penalty.

19.146.200 - Mortgage broker or loan originator—License required—Suit or action for collection of compensation—Designated broker required.

19.146.205 - License—Application—Applicant to furnish information establishing identity—Background check—Fee—Bond or alternative.

19.146.210 - License—Requirements for issuance—Denial—Validity—Surrender—Interim license—Rules.

19.146.215 - Continuing education—Rules.

19.146.218 - Informal settlement of complaints or enforcement actions—Director's discretion.

19.146.220 - Director—Powers and duties—Violations as separate violations—Rules.

19.146.221 - Action by director—Hearing—Sanction.

19.146.223 - Director—Administration and interpretation.

19.146.225 - Director—Rule-making powers.

19.146.226 - Director—Licensing rules and interim procedures.

19.146.227 - Cease and desist order—Action to enjoin and enforce.

19.146.228 - Fees—Exception.

19.146.230 - Administrative procedure act application.

19.146.233 - Subpoena authority—Application—Contents—Notice—Fees.

19.146.235 - Director's authority to conduct investigations and examinations—Rules—Penalty.

19.146.237 - Director—Powers under chapter 19.144 RCW.

19.146.240 - Violations—Claims against bond or alternative.

19.146.245 - Violations—Liability.

19.146.250 - Authority restricted to person named in license—Exceptions.

19.146.260 - Registered agent for brokers without physical office in state—Venue.

19.146.265 - Branch offices—Fee—Licenses—Rules.

19.146.300 - Loan originator license—Application—Applicant to furnish information establishing identification—Background check—Fees—Rules.

19.146.310 - Loan originator license—Requirements for issuance—Denial—Validity—Expiration—Surrender—Interim license.

19.146.320 - Loan originator license—Not assignable.

19.146.325 - Loan originator license—Test.

19.146.340 - Loan originator applicants.

19.146.350 - Loan originators—Continuing education—Requirements.

19.146.353 - Residential mortgage loan modification services—Written fee agreement—Limitation on fees—Rules.

19.146.355 - Third-party residential mortgage loan modification services providers—Duties—Restrictions.

19.146.357 - Mortgage loan originator—License required—Nationwide mortgage licensing system and registry.

19.146.360 - Director's duty—Process to challenge information—Nationwide mortgage licensing system and registry.

19.146.370 - Disclosure of information—Privilege—Confidentiality—Exceptions.

19.146.380 - Director's authority to contract—Records and fees.

19.146.390 - Mortgage brokers—Call reports—Licensing system and registry.

19.146.400 - Director's authority—Violation and enforcement reporting.

19.146.900 - Short title.

19.146.903 - Effective dates—1994 c 33.

19.146.904 - Implementation of act—2006 c 19.

19.146.905 - Effective date—2006 c 19.