Washington State laws governing mortgage brokers/loan originators changed June 12, 2008.  Senate Bill 6381 requires that mortgage brokers owe fiduciary duties to their clients.  In this new class, we will review the new state law and relevant cases from other states.  Mortgage brokers and loan originators will learn the difference between a retail relationship and a fiduciary relationship.  We will review historical case studies of informed consent as well as how relationships brokers have with their clients may result from the broker’s conduct.  Fiduciary duties may include the duty to disclose all loan information to clients, the duty to act in good faith and to deal fairly with clients such as avoiding the acceptance of fees that may be hidden from your client or failing to disclose an arrangement of splitting a fee.  Duties to a client may be elevated when a broker holds special skills, experience, and training that give him or her an advantage over clients. 

We use case studies and role play to help students begin to develop and internalize their new professional role as “Fiduciary.” 

Visit our Schedule page to find a live class near you.

End of course evaluations:

“Wow what a great program. We learned a lot; worth every penny. Thanks for the great information. We plan to springboard your info into helping us build a stronger company.”

“This class was well organized and well presented. Instructor was knowledgeable and well versed in specifics of mortgage laws.”

“My experience with the Fiduciary Duties class was very positive. I am encouraged about the professional route our industry is heading towards.”

“Very informative and eye-opening. We are dealing with a concept that is very new and obscure for our industry and one which we have no experience with. In addition, there are no clear rules of conduct and those we exercise will only be judged after they are executed, and that is scary. Thank you to exposing us to the details of the new mortgage industry!”

“This was a great class on fiduciary duties. I enjoyed the case law that was presented as well as being able to discuss different points of view. The class was lively and kept us on our toes. The instructor was very knowledgeable on law as well as the current status of the industry.”

“The class was very active and informative. I learned about many subjects that were unclear to me in the past. I now truly understand the real meaning of fiduciary duties. Thank you!”

“This class helped resolve the gray areas. Now we have valuable information and a strong baseline to improve our internal processes to support this new law.”

“My experience was beneficial and the information and collaborated ideas will be put to use in my professional day-to-day practices.  Additionally, this course helped me understand the duties I should expect to uphold as we begin living the future of the mortgage industry right now.”

“In class I really started to put my daily work routine into perspective and saw a lot of opportunty for transformative, positive changes.  Also, I started to think outside the box a little. Thank you!”

“Jillayne was very good at warming up the classroom and creating an environment that was easy to learn in. I learned more about what has taken place in the history of mortgage lending and also what can be expected in the future. A very helpful and informative class.”

“Given the way this industry is moving and changing, I think that it is imperative that we keep up and move/change with it.  This class helped explain exactly what fiduciary responsibility is and how we can and should incorporate it into our daily operations.

“I learned to think outside the box and not get stuck to just what the law prescribes. Instead, I learned how to move beyond the law and consider morals and ethics and the needs of the borrower.  This class was smooth, informative and engaging.”

“Class was…well planned in detail, well presented with a lot of knowledge and enthusiasm, and was worth the time we committed.”