Washington Code 31.04.224 – Licensing exemptions — Residential mortgage loans
Current as of: 2023 | Check for updates
|
Other versions
The following are exempt from licensing as mortgage loan originators under this chapter:
Terms Used In Washington Code 31.04.224
- 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
(1) Registered mortgage loan originators, or any individual required to be registered while actively employed by a covered financial institution as defined in regulation G, 12 C.F.R. part 1007.102;
(2) An attorney licensed in Washington who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of a lender, mortgage broker, or other mortgage loan originator;
(3) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member; or
(4) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.