Washington Publishes Notice Regarding Temporary Waiver of Fees
In a letter dated July 8, 2019, the Acting Director of The Washington Department of Financial Institutions, Division of Consumer Services has issued a notice to licensees that it will temporarily waive certain fees and parts of fees under its Consumer Law Act.
Examination Hourly Fees
For the period of July 1, 2019 through June 30, 2020, hourly fees charged on consumer loan company examination will be temporarily waived. Still required are the payment of travel expenses in connection with examinations.
Annual Assessments on Residential Mortgage Loans
Also temporarily waived for the calendar year are Annual Assessments on the following categories of loans: 1) residential mortgage loans in portfolio on December 1, 2018; 2) residential mortgage loans brokered in 2019; and 3) residential mortgage loans purchased in 2019. Residential mortgage loans made during the 2019 calendar year will still be assessed.
Mortgage Loan Originator Renewal Fees
Mortgage Loan Originator Renewal Fees for the 2020 calendar years have been temporarily reduced from $155 to $75.
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
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