Comments on: Washington State Mortgage Broker Commission Meeting May 7, 2008 http://mortgagefiduciaries.com/2008/05/washington-state-mortgage-broker-commission-meeting-may-7-2008/ Tue, 07 Sep 2010 01:59:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Jillayne Schlicke http://mortgagefiduciaries.com/2008/05/washington-state-mortgage-broker-commission-meeting-may-7-2008/comment-page-1/#comment-6 Jillayne Schlicke Wed, 07 May 2008 23:56:20 +0000 http://mortgagefiduciaries.com/?p=15#comment-6 I could not access wifi at the community center so now I have to go through 9 pages of notes. Short version: If you're a pure broker, and do NOT have a correspondent/warehouse line, you don't need a CLA license. If you're a broker AND ALSO a correspondent lender with a warehouse credit line, you can chose to only go with a CLA license or maintain both licenses (the MBPA license, and also a CLA license.) Both options have positives and negatives. Most important next step is to define the word "lender." I know how RESPA defines it. Pure brokers are not lenders. More later. I could not access wifi at the community center so now I have to go through 9 pages of notes.

Short version: If you’re a pure broker, and do NOT have a
correspondent/warehouse line, you don’t need a CLA license.

If you’re a broker AND ALSO a correspondent lender with a warehouse credit line, you can chose to only go with a
CLA license or maintain both licenses (the MBPA license, and also a CLA license.) Both options have positives and negatives.

Most important next step is to define the word “lender.”

I know how RESPA defines it.

Pure brokers are not lenders.

More later.

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