Section 208-660-360 - Loan originators - Testing(1)Must I pass a test prior to becoming a loan originator? Yes. You must take and pass the NMLS sponsored loan originator test. The test has two parts; one on federal law and regulation and one on uniform state law and regulation. 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 NMLS contracts for its test provider. You will find information on the test provider on the NMLS web site at www.stateregulatoryregistry.org.(3)How much does the loan originator test cost? Testing costs are set by contract between the test provider and the NMLS and may be modified from time to time. The department will publish the current testing fee on its web site or you may find it on the NMLS web site at www.stateregulatoryregistry.org.(4)How do I register to take the loan originator test? The department will provide a link to the NMLS test provider on its web site.(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.(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? You may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test. After failing three consecutive tests, you must wait at least six months before taking the test again.Wash. Admin. Code § 208-660-360
Statutory Authority: Chapter 43.320 RCW and RCW 19.146.223. 13-06-022, § 208-660-360, filed 2/27/13, effective 4/1/13; 12-18-048, § 208-660-360, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 19.146.223, and 2009 c 528. 09-24-091, § 208-660-360, filed 12/1/09, effective 1/1/10. 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.