This 1-hour course on Washington state laws and regulations fulfills the state-specific elective requirement for annual renewal. Licensed MLOs in the state must take 9 hours of continuing education (CE) each year, with 3 hours being dedicated to federal law, 2 hours on ethics, 2 hours on non-traditional mortgage lending, a 1-hour general elective, and this 1 hour on Washington law.

By the end of this class, students will be able to:

  • Recite the CE requirements for MLO license renewal in Washington
  • Explain who is and is not considered a mortgage loan originator and what licensing regulations apply
  • Remember key responsibilities relating to mortgage origination including recordkeeping and reporting duties for MLOs
  • Describe the primary advertising requirements for MLOs to remain in compliance
  • Provide examples of an MLO's obligations regarding mortgage lending disclosures and the MLO's duty to properly inform borrowers 
  • List one or more of the prohibited acts and practices for state-licensed MLOs in Washington
  • Give examples of penalties the state may impose to enforce mortgage lending laws and regulations
  • Summarize a recent regulatory update for MLOs from the state Department of Financial Institutions (DFI)
  • State reasons why the Down Payment Assistance (DPA) program serves as a valuable resource for borrowers in Washington

We’ll begin the course with a review of Washington State licensing rules and regulations, including key definitions. This will also include licensing exemptions, recordkeeping, reporting responsibilities, and restricted or conditional loan fees.

Then, we’ll discuss advertising requirements, including internet-based and electronic forms of advertisements. We’ll also examine disclosure obligations and the “one page summary” required of Washington mortgage professionals in the lending industry.

The second half of the course will primarily focus on enforcement: prohibited acts and practices. We will highlight the rules governing interactions with appraisers, redisclosure, and restrictions on loan modification services. Next we’ll cover fraud violations, as well as the civil and criminal penalties therein. We’ll close discussing the Down Payment Assistance program (DPA) in Washington State, and a brief recap of the lessons covered.

To promote comprehension, students will complete a 5-question quiz and short activity after each module. A 15-question final exam will wrap up the course.

  • Course ID(s): 16207
  • Approved By: NMLS

Instructor Bio

Mary Tillery real estate atyourpaceonline instructor

Mary Tillery is the instructor for all of our MLO continuing education courses. She has been sharing her expertise with fellow mortgage loan originators for more than 35 years as a lending educator. Learn more about Mary’s background here.