WAC 208-620-234. Must a company that provides loan processing or underwriting services on residential mortgage loans be licensed under the Consumer Loan Act?
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Washington Administrative Code › Title 208 › Chapter 208-620 › Section 208-620-234
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Yes. (1) The company must license at the company level and must employ at least one licensed mortgage loan originator. Loan processors and underwriters are subject to the individual licensing requirements of the S.A.F.E. Act, 12 C.F.R. Part 1008 (Regulation H) if not supervised by an individual licensed as a mortgage loan originator under S.A.F.E. A company level license is required to provide the sponsorship for the supervising licensed mortgage loan originator.
(2) Alternatively, the company may license under the Mortgage Broker Practices Act, chapter 19.146 RCW.
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