Washington state consumer loan companies and originators may find it less costly to renew licensing or cover examination fees this year.
As illustrated in a letter to licensee’s, dated July 8th, 2019, the Washington Department of Financial Institutions confirms their intention to continue temporarily waiving portions of some fees and waive other fees in their entirety.
The DFI outlines the scope of affected fees as follows:
- Examination Hourly Fees: Hourly fees charged on consumer loan company examinations are temporarily waived for the period July 1, 2019, through June 30, 2020.
- Annual Assessments on Residential Mortgage Loans: The assessment on the following categories of loans will be temporarily waived for the calendar year 2019 activity:
- Residential mortgage loans in portfolio on December 31, 2018;
- Residential mortgage loans brokered in 2019; and
- Residential mortgage loans purchased in 2019. Residential mortgage loans made during the 2019 calendar year will continue to be assessed. As a reminder, the assessment for calendar year 2019 is due in March 2020.
- Mortgage Loan Originator Renewal Fees: Mortgage Loan Originator Renewal Fees for the 2020 calendar year will be reduced from $155 to $75. This is a temporary waiver of $80 per MLO renewal for the calendar year 2020. As a reminder, our renewal process for calendar year 2020 opens Nov. 1st 2019.
In a forward looking statement the department states their intentions to evaluate the possibility of additional fee waivers going forward.