On Friday I received a friendly letter from DFI stating that my finger prints have been rejected for a second time! Darn my fine prints. I called them right away to see what I should do since I’ve all ready tried this twice unsuccessfully with Alliance. The helpful person at DFI recommended that I go to the Washington State Patrol office in Olympia. She assured me that if they could not obtain quality prints from me, DFI would accept WASP prints.
After that, I decided to head over to Tumwater to Washington State’s Department of Financial Institutions to personally hand over my fresh prints.
Three hours later (of being on the road0…I’m back to work. I couldn’t help but wonder if I was working at bank-mortgage company if I would have to do all of this since the law targets Loan Originators who are employed by Mortgage Brokers. I know bank employees go though background checks but I don’t believe it includes finger-printing…oh well!
I scheduled my Loan Originator exam for next month (Loan Originators who work for bank-mortgage companies do not have to take a state wide competency test, either). I’ve heard that out of the 15,000 LO’s who have registered as Loan Originators in Washington State, less than 600 have taken the exam and a reported 9% of LOs have failed. In order for a Loan Originator to retain their license, they must pass the exam before the end of 2007 or they cannot originate mortgages employed by a Mortgage Broker.