(1) A mortgage loan originator license issued under this section expires annually. The director shall establish rules regarding the mortgage loan originator license renewal process created under this chapter. At a minimum a mortgage loan originator may not renew a license under this chapter unless the mortgage loan originator continues to meet the minimum standards for a license, and has satisfied the annual continuing education requirements.

Terms Used In Washington Code 31.04.251

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
(2) A mortgage loan originator licensee may surrender a license by delivering to the director through the nationwide mortgage licensing system *and registry written notice of surrender, but the surrender does not affect the mortgage loan originator licensee’s civil or criminal liability or any administrative actions arising from acts or omissions occurring before such a surrender.

NOTES:

*Reviser’s note: The term “and registry” was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
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