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Continuing Education for Washington Designated Mortgage Brokers and Loan Originators
If you need continuing education classes to renew your designated mortgage broker or loan originator license, the Rockwell Institute has what you need. We offer high-quality online courses you can complete on your own schedule and at your own pace, plus our live-lecture Loan Originators Test Prep Course is also approved for continuing education.
Loan Originators Test Prep Course
Are you getting ready to take the state Loan Originators test? Rockwell can get you ready to PASS!
In just two days, the Rockwell Institute will get you ready to pass your DFI Loan Originators test! Our Loan Originators Test Prep course gives you a detailed review of the topics most likely to be tested on the state exam.
It’s true that you can get sample test questions from the state—700 of them! But that’s a lot of questions to learn. Rockwell can give you the focused review you need; you’ll be able to concentrate on just what you need to know to pass the test.
For just $149, you can avoid the stress of studying on your own and gain the comfort of knowing you are well-prepared. As an added bonus, this course is approved for continuing education. Sign up for our Loan Originators Test Prep course today!
Continuing Education Requirements:
After becoming licensed, designated mortgage brokers and loan originators must fulfill continuing education requirements each year. These continuing education requirements must be completed by the anniversary date of the issuance of your license.
- If you are a loan originator, you must complete two approved continuing education courses each year. If you are a designated mortgage broker, you must complete three approved classes each year. Each course must be at least three hours in length. (You may not take the same approved course two years in a row.)
- You may receive credit for one of the three courses by attending three mortgage broker commission meetings. If you are a loan originator and teach a continuing education course, you may get credit for teaching.
- For your first renewal, one of the three courses must cover ethics.
To successfully renew your license, you will need to include a copy of your continuing education certificate when you pay your annual renewal fee to the Department of Financial Institutions (DFI).
Rockwell's online courses are loaded with photographs, animation, talking tour guides, and continuous variety to keep you engaged and interested. Even students with no technical experience rave about how simple it is to use our online courses. And they offer the ultimate in convenience: you can take one of Rockwell's online continuing education courses from any Internet-ready computer at any time of day. Each of the following courses is approved by the Department of Financial Institutions.
Initial Licensing Requirements
To get your original mortgage broker or loan originator license you must follow these steps.
To become a loan originator, you must
Step One: Complete an online license application. The online license application requires you to pay the application fee of $125 with a credit card.
Step Two: Mail the following items to DFI:
(1) A completed set of two fingerprint cards. The cards can be obtained from DFI or at your local law enforcement office.
(2) A completed paper copy of the MU4 authorization form (PDF) found on the DFI website. Have it notarized; then mail it to DFI with your fingerprint cards.
The MU4 form does not replace your online application. You must apply online as well.
Note: The address from which you operate must be a licensed Mortgage Broker office.
Step Three: When the loan originator licensing test becomes available (sometime in 2007), you will need to pass this test in order to keep your license. The DFI will provide a grace period in which to take and pass the test. More information on this test will be posted as it becomes available.
To become a designated mortgage broker, you must:
Step One: You must pass the designated broker test.
Step Two: You must be appointed to the designated broker position by the licensed mortgage broker through an application and approval process with DFI.
Step Three: You must have a minimum of two years' work experience lending or originating residential mortgage loans. The work experience must be in one or more of the following, within the last five years as a:
- mortgage broker or designated broker of a mortgage broker; or
- mortgage banker, responsible individual, or manager of a mortgage banking business; or
- loan originator with responsibility primarily for originating loans secured by a lien on residential real estate; or
- branch manager of a lender with responsibility primarily for loans secured by a lien on residential real estate; or
- manager or supervisor of mortgage loan originators; or
- mortgage processor, underwriter, or quality control professional; or
- regulator, examiner, investigator, compliance expert, or auditor, whose primary function is the review of mortgage companies and their compliance processes, and the department determines your background is sufficient.
Your work experience must also be evidenced by a detailed work history and:
- W-2 Federal Income Tax Reporting Forms in the designated broker appointee's name; or
- 1099 Federal Income Tax Reporting Forms in the designated broker appointee's name; or
- corporate tax returns signed by the designated broker appointee for a licensed or exempt residential mortgage company.
- In addition to supplying the application information, both you and the licensed mortgage broker must be in good standing with the department.
In addition to supplying the application information, both you and the licensed mortgage broker must be in good standing with the department.
When the DFI has received and approved your completed license application, including the fingerprint cards and notarized MU4 form, the DFI will issue your license. (To keep your license, you will have to take and pass the loan originator licensing test when it becomes available).
Note: It is very likely that the DFI will deny a license to someone with felony convictions within the past seven years. Also, the DFI will likely deny a license to an applicant with gross misdemeanor convictions involving dishonesty or financial misconduct within the past seven years.
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