Loan Processors Frequently Asked Questions

See below for DFI’s responses to questions frequently expected about Loan Processors.

I act as that Loan Processor. Must We have that Loan Originator or large financial company license at the time of 1, 2007 january?

  1. You’ll not need to be certified with DFI underneath the following scenarios:
    1. You might be an employee that is w2 Processor for an authorized home loan broker(s). Generally speaking, you need to work from an authorized location (main or branch workplace). See WAC 208-660-300(14) to find out more.
    2. You may be A w2 employee loan Processor for a financial loan processing business which have a home loan broker license. Generally speaking, you need to work from a location that is licensed. See WAC 208-660-300(14) to learn more.
  2. You’ll want a permit with DFI underneath the following situations:
    1. You really need to have a loan originator permit in the event that you act as an independent contractor Loan Processor ( get a 1099) for a licensed large financial company. Continue reading Loan Processors Frequently Asked Questions