What are the continuing education and testing requirements?
After becoming licensed, mortgage brokers and loan originators must fulfill continuing education requirements each year. The continuing education requirement must be completed annually by December 31st of each year. To fulfill the education requirement, loan originators must successfully complete two approved continuing education courses each year. Mortgage Brokers must take three approved continuing education courses per year. You must take an ethics continuing education course in your first year of holding a loan originator license.

Where may I get information about continuing education for loan originators and designated mortgage brokers?
The DFI will publish a list of the approved professional organizations that provide continuing education, and approved individual courses on the DFI's web site. The professional organizations will have detailed information about the continuing education courses they offer. To view ProSchools approved courses, click here.

How many clock hours of loan originator or designated mortgage broker continuing education must I have each year?
The continuing education requirement will be in the form of approved courses. While the individual clock hours may vary, loan originators must complete two courses, of no less than three hours each, annually. Designated mortgage brokers must complete three courses, of no less than three hours each, annually. Alternatively, you may attend three mortgage broker commission meetings instead of completing one continuing education course.

May I take the same approved course multiple times to meet my annual continuing education requirement?
No. You may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.

Is ethics a required continuing education course for loan originators?
Yes. You must take an ethics continuing education course in your first year of holding a loan originator license.

If I take a continuing education course approved for multiple jurisdictions, will the DFI accept it as part of my continuing education requirement?
If any state has continuing education requirements or standards at least as stringent as Washington's, their continuing education courses may be approved by the DFI as meeting the continuing education requirements under the act and these rules.

Can I carry over continuing education hours from one renewal cycle
to the next?
No. Continuing education credits only apply to the year in which they are taken.

If I fail to complete the required continuing education, what happens to my license?
You must complete the requirements for a license renewal by your expiration date and cannot conduct any mortgage lending business until your license has been renewed. if you renew your license within 45 days of your expiration date you must pay an additional 50% of your registration fee. If you fail to comply with the renewal requirements within 45 days, you must apply for a new license.

How will I know which courses and providers satisfy the continuing education requirement?
The DFI will approve continuing education courses offered by course providers and will approve professional organizations offering courses. The providers, courses, and contact information will be listed on the DFI's web site.

How do I provide the DFI with proof of the continuing education courses I have completed?
You must provide the DFI with proof of your satisfactory completion of the course, in a form prescribed by the DFI.

If the DFI reissues my license and the new expiration date does not coincide with the prior annual assessment period, will the DFI still give me credit for the continuing education courses I have taken in preparation for meeting the prior annual assessment date?
Yes. The DFI will give you credit for the continuing education courses you have taken. You will not lose any credits due to the DFI's license expiration date adjustment.

For more details on becoming a licensed mortgage lender, click here.