Thanks to Jillayne Schlicke for posting this because I personally didn’t receive anyword from DFI (I do receive emails regarding the Mortgage Broker Commission meetings)…this one hits close to home as the company I work for, Mortgage Master, is a Correspondent Lender. DFI did send an email to the President of our company however NOTHING was on their site when she told me about this.
So this is another shout out to all the mortgage brokers in Washington State, especially those impacted by SB 6471, which in my opinion seems to have been passed this quite conveniently by telling WAMB this would not impact mortgage brokers. WRONG. Mortgage brokers who have a warehouse line (correspondent lenders) are going to be dramatically impacted by this law.
Meeting Of The Mortgage Broker Commission To Discuss The Impacts Of SB 6471
May 7, 2008, at 1:00 p.m.
Renton Community Center, Banquet Room (100 max capacity)
1715 Maple Valley Highway
Renton, WA (Driving Directions)
Please attend and pass the word!
I’m just as confused as everyone else. To me, it seems like the law was passed to close some loopholes, to bring some un-regulated brokers under DFI’s watch, and to make everyone’s license uniform in order to have our system work with the new national mortgage licensing system.
How we went from that, to having this severly impact correspondents is beyond me. I’m thinking they set this meeting up well in advance of the 13th commission meeting because there simply would not be enough time on the 13th to answer all the questions; hopefully all our preliminary questions will get answered tommorrow.
Jillayne, my big question is if they were doing this to “close loopholes”, why not exclude those mortgage brokers/correspondents who were all ready registered and complying as mortgage brokers?