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Washington Administrative Code (Last Updated: November 23, 2016) |
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Title 208. Financial Institutions, Department of (See Titles 50, 419, and 460) |
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Chapter 208-660. Mortgage brokers and loan originators—Licensing. |
Section 208-660-106. How does the department interpret the definition of loan processor in RCW 19.146.010(12)?
Latest version.
- "Loan processor" or "underwriter" means an individual who performs clerical or support duties as an employee (not as an independent contractor) of a person licensed or exempt from licensing and at the direction of and subject to the supervision and instruction of an individual licensed, or exempt from licensing, under this chapter. The job responsibilities may include the receipt, collection and distribution of information common for the processing of a loan. The loan processor may also communicate with a borrower to obtain the information necessary for the processing of a loan, provided that such communication does not include offering or negotiating loan rates or terms, or counseling borrowers about loan rates or terms. A loan processor or underwriter engaged as an independent contractor by a licensee must hold a mortgage loan originator license.[Statutory Authority: RCW 43.320.040 and 19.146.225. WSR 13-24-023, § 208-660-106, filed 11/22/13, effective 1/1/14.]
RCW 43.320.040 and 19.146.225. WSR 13-24-023, § 208-660-106, filed 11/22/13, effective 1/1/14.