Section 208-620-301 - If I make residential mortgage loans and employ managers, must they license individually as mortgage loan originators?(1) Your managers, including branch managers, must license individually as mortgage loan originators if they conduct any one of the following activities: (a) Take residential mortgage loan applications, negotiate the terms or conditions of residential mortgage loans, or hold themselves out as being able to conduct these activities;(b) Supervise your loan processor or underwriting employees; or(c) Supervise your licensed mortgage loan originators.(2) Specifically: (a) Any manager or any person who takes a residential mortgage loan application in Washington, negotiates the terms or conditions of a residential mortgage loan on Washington property, or holds themselves out as being able to conduct those activities, must have a Washington mortgage loan originator license. Washington licensed loan originators must work from a licensed location or the loan originator's residence pursuant to WAC 208-620-660.(b) Any manager who directly supervises loan processor or underwriting employees must hold a mortgage loan originator license. The loan originator license can be from any state. Washington licensed loan originators must work from a licensed location or the loan originator's residence pursuant to WAC 208-620-660.(c) Any manager who directly supervises Washington licensed mortgage loan originators must themselves hold a Washington loan originator license. Washington licensed loan originators must work from a licensed location or the loan originator's residence pursuant to WAC 208-620-660.(3) As to subsection (1)(a) and (b) of this section, licensure is for the day-to-day operational supervisors.(4) Each licensed manager must prepare and maintain written supervisory plan for the employees they supervise. The details of the plan must include the number of employees supervised and their physical location, how the supervisor will adequately supervise the employees if an employee is not in the same location as the supervisor, and the type and volume of work performed by the supervised employees. Supervisory plans must be maintained as part of the business books and records.Wash. Admin. Code § 208-620-301
Adopted by WSR 13-24-024, filed 11/22/13, effective 1/1/2014Amended by WSR 16-08-026, Filed 3/30/2016, effective 4/30/2016Amended by WSR 19-21-157, Filed 10/22/2019, effective 11/24/2019Amended by WSR 22-24-048, Filed 11/30/2022, effective 12/31/2022