Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-620 - Washington Consumer Loan Act
COMPANY LICENSING
Section 208-620-322 - What are the capital requirements for a nondepository residential mortgage loan servicer applicant or licensee servicing loans not guaranteed by a government sponsored entity (GSE) and/or government corporation?
Current through Register Vol. 24-24, December 15, 2024
(1)
| 0-199 loans | $100,000 |
| 200-299 loans | $200,000 |
| 300-399 loans | $300,000 |
| 400-499 loans | $400,000 |
| 500-599 loans | $500,000 |
| 600-699 loans | $600,000 |
| 700-799 loans | $700,000 |
| 800-899 loans | $800,000 |
| 900-999 loans | $900,000 |
| 1,000 plus loans | $1,000,000 |
(2) An applicant or licensee servicing twenty-five or fewer Washington residential mortgage accounts may apply to the director to waive or adjust one or more of these capital requirements. In considering such a request the director will consider whether the licensee has a positive net worth and adequate operating reserves. For purposes of this section, "operating reserves" are funds set aside in anticipation of future payments or obligations and are included in liquidity.
(3) Licensees must annually or more frequently report, as prescribed by the director, on liquidity (including operating reserves) and tangible net worth.
(4) Any licensee that does not maintain the standards in this section is subject to action by the director including that authority in RCW 31.04.165(4).
(5) The following definitions apply to this section:
