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Beginning 1/12010, non-delegated correspondent lenders licensed under the Mortgage Broker Practices Act must hold a WA Consumer Loan Act license

Converting From A WA MBPA License To WA CLA License
Beginning January 1, 2010, non-delegated correspondent lenders licensed under the Mortgage Broker Practices Act (MBPA) must hold a Consumer Loan Act (CLA) license in order to make residential mortgage loans. To avoid potential business interruption and ensure timely licensure, DFI recommends that all MBPA licensees wishing to make residential mortgage loans apply for a CLA license no later than October 31, 2009.

Instructions On How To Convert From MBPA To CLA License  http://www.dfi.wa.gov/cs/convert-consumer-loan.htm

US bill would require mortgage broker licensing

By John Poirier

WASHINGTON, May 20 (Reuters) - A Senate plan to help U.S. homeowners avoid foreclosures would also crack down on mortgage brokers by requiring them to be fingerprinted by the FBI and licensed by state regulators.

Critics say mortgage originators contributed to the U.S. housing crisis by crafting so-called "liars' loans" in recent years that required little money down and no verification of a consumer's income.

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