I’ve lifted this right from Jillayne Schlicke’s (http://www.bpiconsulting.net) newsletter because I thought you ought to know…

Alert to homebuyers to look for the license number of their loan originator on their loan application after January 1, 2007.

On this date all loan originators who work for a mortgage broker must be licensed by their regulator, the Washington State Department of Financial Institutions. This includes being fingerprinted and undergoing an FBI background check.  Loan originators will be issued a license number by the state which must appear on your client’s loan application.  This new licensing law does not affect loan officers who work for a bank, credit union, consumer finance company, or any other entity exempt from licensing.  Here is a link to the DFI website for you and your homebuyers.
http://dfi.wa.gov/cs/loan_originator.htm

I want to continue to help people with financing their home purchase and so I have applied for my mortgage loan originator license–a new development in the State of Washington.  It’s a great move onthe part of WA State toward regulating individual competence and compliance.  I was known as the compliance officer at my last job, watching my agents and loan officers for possible problems, protecting clients, and my associates as well as the brokerage—-the real estate brokerage and the mortgage side too.  As RE broker, being compliance officer was part of my job.  I was to be very aware of the laws, to feel when a red flag might be flying and to check out that possible violation.  Often when an agent or LO thinks outside the box in advertising, or in getting a loan for someone who really does not qualify, there’s a reason to check for violations. I’m all for creative advertising, and even creative financing, but not for anything that will end up hurting a client financially.