(1)
Must I pass a test prior to becoming a loan originator? Yes. You must take and pass a test prior to becoming a loan originator. You must receive a score of seventy-five percent or higher to pass the test.
(2)
Where may I find information about the loan originator test? The department will publish the names and contact information of approved testing providers on the department web site.
(3)
How much does the loan originator test cost? Testing costs are set by contract between the test provider and the department and may be modified from time to time. The department will publish the current testing fee with the testing provider contact information.
(4)
How do I register to take the loan originator test? The department will publish registration information with the testing provider contact information.
(5)
What topics may be covered in the loan originator test? At a minimum, the test topics will include ethics, federal and state law and regulation pertaining to mortgage origination, federal and state law and regulation on fraud, consumer protection, nontraditional mortgage products, and fair lending. See WAC
208-660-600.
(6)
After passing the loan originator test, will I have to take it again? You must retake the loan originator test if you have not been a loan originator within the past five years.
(7)
How soon after failing the loan originator test may I take it again? After taking and failing the test three consecutive times, you must then wait at least fourteen days before taking the test again.
[Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 109. 09-01-156, § 208-660-360, filed 12/23/08, effective 1/23/09. Statutory Authority: RCW 43.320.040, 19.146.223, 2006 c 19. 06-23-137, § 208-660-360, filed 11/21/06, effective 1/1/07.]