Section 31.04.224 - Licensing exemptions-Residential mortgage loansThe following are exempt from licensing as mortgage loan originators under this chapter:
(1) Registered mortgage loan originators, or any individual required to be registered while actively employed by a covered financial institution as defined in regulation G, 12 C.F.R. Part 1007.102 ;(2) An attorney licensed in Washington who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of a lender, mortgage broker, or other mortgage loan originator;(3) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member; or(4) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.Amended by 2015 c 229,§ 32, eff. 7/24/2015.Amended by 2012 c 17,§ 6, eff. 6/7/2012.Findings-Declaration- 2009 c 120: See note following RCW 31.04.015.