Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › MORTGAGE BROKERS › Section 208-660-180 - Mortgage brokers - Main office

Current through Register Vol. 24-14, July 15, 2024
(1)
Must a licensed mortgage broker
						have a designated broker?
Yes. Licensed mortgage broker companies must
						have an approved designated broker at all times.
(2)
How many designated brokers may a
						mortgage broker have?
The mortgage broker may appoint only one
						individual to be the designated broker at any given time. The designated broker
						need not be a principal of the licensee.
It is a prudent business practice to have more than one
							qualified individual working for the licensee who could be appointed as the
							designated broker.
(3)
If my designated broker leaves, may I continue to operate my mortgage
						broker business?
Yes. You may continue to operate your mortgage broker
						business. However, you must notify the department within five business days of
						the loss of or change of your designated broker. You must then replace the
						designated broker within thirty days of the loss or change of the designated
						broker. If you need more than thirty days to replace the designated broker, you
						must seek approval from the department. Failure to replace your designated
						broker, or receive approval from the director for an extension, may result in
						an enforcement action against you.
(4)
What must I do to replace my
						designated broker?
You must apply through the NMLS for approval of the
						new designated broker. The new designated broker must meet the requirements of
						WAC 208-660-250(1).
						You and the new designated broker must meet the good standing requirements of
						WAC 208-660-007.
(5)
What must I do if I sell all or
						part of my mortgage broker company?
See WAC
						208-660-400(13).
(6)
After my mortgage broker license is
						approved, may I change my business structure?
Yes. See WAC
						208-660-400(7)(a)(iv).
(7)
May a licensed mortgage broker
						share an office with a licensed real estate broker?
Yes. A licensed
						mortgage broker may share an office with a licensed real estate broker. The
						mortgage broker location must be licensed as a main or branch mortgage broker
						office.
(8)
If a licensed
						mortgage broker shares an office with a licensed real estate broker, what must
						the mortgage broker do to notify the public that the office is shared?
The licensed mortgage broker must clearly identify the mortgage broker business
						as separate from the real estate business to the public on any signage,
						advertising, or other material identifying the businesses.
(9)
May I add a trade name (or "DBA")
						to my mortgage broker license?
Yes. You may add a trade or "DBA" name to
						the mortgage broker license if you first apply to the department, in a form
						prescribed by the department, and receive department approval. When the
						department has approved the trade name, you must conduct business under that
						trade name in at least one of the two following ways:
(a) Use your license name together with the
						trade name; or
(b) Use your
						mortgage broker license number together with the trade name.