Washington Mortgage Loan Originator

Which agency is responsible for regulating mortgage loan originators in Washington state?

• AWashington Department of Commerce
• BWashington Department of Financial Institutions (DFI)
• CWashington Real Estate Commission
• DWashington Secretary of State

How many hours of NMLS-approved pre-license education are required for a Washington MLO license?

• A15 hours
• B20 hours
• C24 hours
• D30 hours

What type of foreclosure process does Washington primarily use?

• AStrict judicial foreclosure
• BNon-judicial foreclosure through deed of trust
• CAdministrative foreclosure
• DHybrid judicial and non-judicial process

What is the minimum surety bond required for a Washington MLO license?

• A$10,000
• B$20,000
• C$25,000
• D$50,000

What is the primary Washington statute governing mortgage broker practices?

• AWashington Consumer Credit Code
• BWashington Mortgage Broker Practices Act (MBPA)
• CWashington Fair Housing Act
• DWashington Real Estate License Law

How many hours of continuing education must a Washington MLO complete annually?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

Under Washington's non-judicial foreclosure process, what is the minimum notice period before a trustee's sale?

• A30 days
• B60 days
• C90 days
• D120 days

What enforcement authority does the Washington DFI have over licensed MLOs?

• AOnly issue warnings
• BRevoke, suspend, or deny licenses, impose fines, and issue cease and desist orders
• COnly refer matters to federal agencies
• DThe DFI has no enforcement authority

What disclosure requirements does Washington impose on mortgage brokers regarding their fees?

• ANo fee disclosures are required
• BMortgage brokers must provide a good faith estimate of fees and disclose all compensation…
• COnly the interest rate must be disclosed
• DDisclosures are only required at closing

Which of the following is a prohibited practice for Washington MLOs under the MBPA?

• AOffering multiple loan products
• BCollecting fees that were not disclosed or agreed upon by the borrower
• CProviding rate lock agreements
• DWorking with borrowers who have varying credit profiles

What is Washington's Foreclosure Fairness Act designed to accomplish?

• ASpeed up the foreclosure process
• BRequire mediation between borrowers and lenders before non-judicial foreclosure of owner-…
• CEliminate all foreclosure protections
• DOnly apply to commercial properties

What criminal background check does Washington require for MLO applicants?

• AOnly a Washington state records check
• BFBI criminal background check through fingerprinting via NMLS
• CA self-reported history only
• DNo background check is required

Under Washington law, what is the borrower's right of redemption after a non-judicial foreclosure sale?

• A12-month redemption period
• BWashington does not provide a statutory right of redemption after a non-judicial foreclos…
• C6-month redemption period
• D30-day redemption period

How does Washington regulate prepayment penalties on residential mortgage loans?

• AWashington allows unlimited prepayment penalties
• BWashington restricts prepayment penalties consistent with federal qualified mortgage rules
• CPrepayment penalties are completely banned
• DPrepayment penalties are only regulated for loans over $500,000

What trust account requirements apply to Washington mortgage brokers?

• ATrust accounts are not required
• BBrokers must maintain separate trust accounts for borrower funds, distinct from operating…
• CTrust and operating funds can be commingled
• DOnly banks need trust accounts

What is Washington's Consumer Loan Act and how does it relate to mortgage lending?

• AIt only applies to payday loans
• BThe Consumer Loan Act provides additional regulatory framework for consumer lending inclu…
• CIt has been repealed
• DIt only applies to credit unions

What fair lending protections does Washington provide?

• AWashington has no state fair lending laws
• BThe Washington Law Against Discrimination provides broad fair lending protections includi…
• COnly federal fair lending laws apply in Washington
• DFair lending only applies to government loans

What is the Washington MLO license renewal cycle?

• AEvery 6 months
• BAnnually through NMLS
• CEvery 2 years
• DEvery 3 years