I’m here at the Washington State Mortgage Broker Commission Meeting in Bellevue.

Licensing update: back in February of 2008 we had 1900 brokers in WA state with about 1700 branch offices. Now as of May 2, 2008 we are at 1500 licensed broker main offices with 1700 branch offices.

In February 2008 we had 13,000 licensed loan originators.  Now, as of May 2nd, we have 7500 licensed LOs.

WA State new Licensing Program Manager Berri Leslie comes from Oregon.

Jim Brussleback, in charge of enforcement, was asked about complaints in relation to the industry’s hope that the “bad apples” were leaving the industry.  The hope from the commission is that consumer complaints would fall as these bad characters left mortgage lending.  Jim reminded the commission that even though a company or LO voluntarily surrenders their license, DFI may still decide to pursue action against that person or company.

Steve Bozik asks about the complaints regarding LOs.  Jim says the majority of the enforcement actions revolved around the LOs license application and not necessarily regarding LO conduct.

More in the comments section….