In Washington State, there are primarily two types of licensing requirements, which are detailed as follows:
Because a good portion of Washington’s disclosure requirements are applicable only to one or the other licensee, we will be setting up a new “Washington License Type” field (Field 91780), which will be used as a document print condition. The values of this field are as follows:
- Not Selected
- WA Consumer Loan Act Licensee
- WA Mortgage Broker Practices Act Licensee
- WA CLA and MBPA Licensee [note: an entity can be licensed under both Acts]
- Exempt Organization
In connection with this new field, we will be re-configuring our documents so that the following new conditions will apply to them:
For more details about the requirements for each of these documents and which Act applies to them, please refer to our State Disclosure Matrix.
Care has been taken to ensure that these documents will continue to print for clients the way they are now if the new “Washington License Type” field is not set. However, the new field will be globally prompted for, and clients are encouraged to set it to the way they are licensed in Washington to ensure compliance. If it is not set, then “Not Selected” will automatically be mapped for them.
These changes will take effect on January 7, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
December 11, 2014