The new year brings in a new licensing requirement for loan officers in Washington State.  It has been the talk of the media and blogs over the past week. Elizabeth Rhodes reported on the changes in the industry and the requirements in a recent article in The Seattle Times.  Larry Cragun also commented on the changes over at the Seattle Real Estate Professionals blog.  Jillayne Schlicke wrote a detailed post about the changes over on Rain City Guide.

 Here are some interesting facts:

 13,722 loan originators took the test, 90% passed. 

 Only 5,720 completed the full process to become licensed. 

Interestingly, loan officers who work for banks, credit unions and some financial institutions  are not required to be licensed by the state.

Check out your loan officer at The Washington State Department of Financial Institutions website or at 877-746-4334.  It is important for you to know whom you are dealing with when financing a home.