Statutes, codes, and regulations
Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)Chapter 208-620 - Washington Consumer Loan Act
COMPANY LICENSING
Section 208-620-373 - What happens to residential mortgage loans in the pipeline if a mortgage loan originator leaves my company?

Wash. Admin. Code § 208-620-373

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Current through Register Vol. 24-21, November 1, 2024
Section 208-620-373 - What happens to residential mortgage loans in the pipeline if a mortgage loan originator leaves my company?

Loan files belong to the company. Existing loan applications must be processed by another licensed loan originator in the company. At the borrower's written request, the loan must be transferred to another licensed entity within five days of the borrower's request. You may pay the original loan originator for the work he or she performed prior to leaving.

Wash. Admin. Code § 208-620-373

Amended by WSR 13-24-024, filed 11/22/13, effective 1/1/2014

Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. 10-20-122, § 208-620-373, filed 10/5/10, effective 11/5/10. Statutory Authority: RCW 43.320.040, 31.04.165, 2009 c 120, and 2009 c 149. 09-24-090, § 208-620-373, filed 12/1/09, effective 1/1/10.