This course includes the following:
ONLINE PE – 4 Hour SAFE PE-Washington State Law (3502)
This course covers Washington law and regulations pertaining to Mortgage Loan Originator licensing and is structured to reflect the outline of the Washington State License Exam. During this 4-hour pre-licensing course covering Washington mortgage law, we will cover several laws including:
• RCW 19.146– Mortgage Broker Practices Act
o WAC 208-660 – Mortgage Broker Practices Act Rules
• RCW 19.144 – Mortgage Lending and Homeownership Laws
o WAC 208-600 – Mortgage Lending and Homeownership Rules
• RCW 31.04 – Consumer Loan Act
o WAC 208-620 – Consumer Loan Act Rules
• RCW 18.44 and WAC 208-680 – The Escrow Agent Registration Act
• RCW 19.52 , The Usury Act
• RCW 49.60.222, Unfair Practices legislation
• RCW Title 61, Contractual Agreements
• RCW 18.85 and 18.140, Real estate and appraisal law
• RCW 18.86, General Principal and Agent Law
• RCW 18.85, Real Estate Brokers And Managing Brokers
This education is delivered in the Online-Instructor Led (“OIL”) format as required by the NMLS for online Pre-Licensure (“PE”) education. It is available on our website through any internet connection.
Important features include:
Defined start and end dates (See Course Calendar).
Interaction with the instructor and students through forum activities
Progression as a cohort. At times you will wait for instructor feedback before continuing.
(Note: This is not an “Self-Study” course and does not allow for study at any pace or without instructor/classmate interaction)
The modules included are:
The course is divided into ten sections:
Section 1: State Regulatory Agency and State Law Summaries. Covers the Regulatory authority, structure, and responsibilities and limitations of the Washington State Department of Financial Institutions (DFI). Also summarizes the intent and purpose of each law
Section 2: Washington License Law and Regulations. Covers persons required to be licensed, licensee qualifications and the application process, the grounds for denying a license and license maintenance.
Section 3: Compliance. Details prohibited conduct and practices, required conduct, fees and charges, disclosures and agreements, and advertising.
Section 4: Disciplinary action. Discusses notifications, hearings and appeals, then denial, suspension, and revocation of licenses, and finally, penalties/fines and civil and criminal liability under RCW 19.146, RCW 19.144 and RCW 31.04.
Section 5: The Escrow Agent Registration Act. Discusses escrow agent licensing rules as enforced by the Division of Consumer Services.
Section 6: Consumer Protection. Reviews the Usury Act regarding consumer protection from unfair interest rates and various statutes from RCW 49.60.222 regarding protection of consumers from discrimination based on personal attributes
Section 7: Contractual Agreements. Discusses several statutes that apply to conduct with regards to contractual agreements related to mortgages, including mortgage agreements, deeds of trust and real estate transaction contracts.
Section 8: Certified Real Estate Appraisal Act. Discusses minimum standards of competence and conduct and also supervision and training procedures for real estate appraisers.
Section 9: Real Estate Brokers and Managing Brokers. Reviews licensing rules for firms and individuals managing a brokerage firm or other brokers.
Section 10: General Principal and Agent Law. Details the duties and requirements for the duties and requirements for a person who has entered into an agency relationship with a buyer or seller.
Upon successful completion of this course you will have a strong understanding of the laws and regulations specific to mortgage loan originators and lenders in the state of Washington.