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WBK Industry News - State Regulatory Developments

Washington Extends Temporary Waiver of Certain Fees

The State of Washington Department of Financial Institutions, Division of Consumer Services recently announced that certain fees under the Consumer Loan Act would temporarily continue to be waived in part or in full.  This waiver extends a similar waiver that was announced last year and affects the following fees:

  • Hourly fees for consumer loan company examinations (July 1, 2019, through June 30, 2020);
  • 2019 annual assessments on residential mortgage loans, including those in portfolio on December 31, 2018, as well as those brokered or purchased in 2019 (note that residential mortgage loans made during the 2019 calendar year will continue to be assessed and that 2019 assessments are due in March 2020); and
  • Mortgage loan originator renewal fees (reduced from $155 to $75 for the 2020 calendar year).

For details regarding the fees previously waived, please also see WBK’s article dated August 8, 2018.