Section 208-620-725 - Mortgage loan originator - TestingMust I pass a test prior to becoming a loan originator? Yes.
(1) You must take and pass the NMLS sponsored loan originator test. The test has two parts; one on federal law and regulation and one on uniform state law and regulation. You must receive a score of seventy-five percent or higher to pass the test.(2)Where may I find information about the loan originator test? The NMLS web site will publish the names and contact information of approved testing providers.(3)How much does the loan originator test cost? Testing costs are set by the test provider and the NMLS and may be modified from time to time. The NMLS web site will publish the current testing fee with the testing provider contact information.(4)How do I register to take the loan originator test? Register through the NMLS web site.(5)What topics may be covered in the loan originator test? At a minimum, the test topics will include ethics, federal and state law and regulation pertaining to mortgage origination, federal and state law and regulation on fraud, consumer protection, nontraditional mortgage products, and fair lending.(6)After passing the loan originator test, will I have to take it again? If you fail to maintain a valid license for a period of five years or longer you must retake the test, not taking into account any time during which you were a registered mortgage loan originator.(7)How soon after failing the loan originator test may I take it again? After taking and failing the test you must wait thirty days before taking it again. After failing three consecutive times, you must then wait at least six months before taking the test again.Wash. Admin. Code § 208-620-725
Statutory Authority: Chapter 43.320 RCW and RCW 31.04.165. 13-06-012, § 208-620-725, filed 2/25/13, effective 4/1/13. Statutory Authority: RCW 43.320.040 and 31.04.165. 12-18-047, § 208-620-725, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. 10-20-122, § 208-620-725, 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, § 208-620-725, filed 12/1/09, effective 1/1/10.