PDFWAC 208-660-420

Out-of-state mortgage brokers and loan originators.

(1) May I be a licensed mortgage broker in Washington without a physical office in Washington? Yes. You are not required by the act to have a physical location in Washington.
(2) May I be a licensed mortgage broker in Washington and have branch offices both in Washington and outside of Washington? Yes. However, each of your branch offices that offer Washington residential mortgage loans must hold a Washington license, even if the location is outside Washington.
(3) May my mortgage broker business be conducted entirely on the internet? Yes. But you must have a license for all locations including those that offer loans by mail or internet.
(4) May I work as a loan originator in Washington if I do not have a physical location in Washington? Yes. You may originate Washington loans from any location licensed under the act, inside or outside of Washington.
(5) May I work as a licensed loan originator for a licensed mortgage broker that is out of the state? Yes, as long as the location from which you work is licensed under the act.
(6) If my mortgage broker business is not located in Washington, where must I keep my records? If your business is located outside of Washington, you may either maintain the books and records at a location in Washington, or pay the department's travel expenses to the out-of-state location to examine the books and records. Travel expenses may include, but are not limited to, transportation, meals, and lodging.
(7) What additional requirements must I comply with if my business does not have a physical location in Washington? You must continuously maintain a registered agent in Washington and provide the department, through the NMLS, with the registered agent's name, physical and mailing address, and written consent to be the registered agent.
(8) How do I change the information about my registered agent? You must update the information in the NMLS within ten business days from the change.
(9) If I am a registered agent under the act, what must I do to resign as registered agent?
(a) Provide the department with a statement of resignation at least thirty-one days prior to the intended effective date of your resignation.
(b) Provide a copy of the statement of resignation to the licensed mortgage broker.
(c) The department will terminate your appointment on the thirty-first day after the date on which the statement of resignation was delivered.
[Statutory Authority: Chapter 43.320 RCW and RCW 19.146.223. WSR 12-18-048, § 208-660-420, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 19.146.223, and 2009 c 528. WSR 09-24-091, § 208-660-420, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 109. WSR 09-01-156, § 208-660-420, filed 12/23/08, effective 1/23/09. Statutory Authority: RCW 43.320.040, 19.146.223, 2006 c 19. WSR 06-23-137, § 208-660-420, filed 11/21/06, effective 1/1/07.]