The Washington Department of Financial Institutions (Department) issued a Department Letter temporarily waiving examination and assessment fees under the Consumer Loan Act. Per the Department Letter, the Department waived the annual assessment on the following categories of loans for calendar year 2021 activity: residential mortgage loans brokered in 2021; residential mortgage loans purchased in 2021; and residential mortgage loans in portfolio as of December 31, 2021. Residential mortgage loans made during the 2021 calendar year will continue to be assessed, with the assessment capped at $200,000. The Department also waived the hourly examination fee charged for a consumer loan company examination for the period July 1, 2021 through June 30, 2022. However, lenders and servicers are still required to pay the travel expenses incurred by the Department in connection with an examination. In addition, the Department reduced the mortgage loan originator license renewal fee for the 2022 calendar year. The renewal fee is reduced from $155 to $75.
Click to view the WA Department Letter: https://www.tenaco.com/wp-content/uploads/2021/08/WA-Department-Letter.pdf
