A regulator-facing procedure for Washington operations addresses examination, supervision, and enforcement. Which answer reflects the requirement?
Correct Answer
A) Washington residential mortgage loan servicers must assess fees within 45 days of when incurred and explain them clearly and conspicuously in a statement mailed within 30 days after assessing the fee.
Washington residential mortgage loan servicers must assess fees within 45 days of when incurred and explain them clearly and conspicuously in a statement mailed within 30 days after assessing the fee.
Why This Is the Correct Answer
Washington residential mortgage loan servicers must assess fees within 45 days of when incurred and explain them clearly and conspicuously in a statement mailed within 30 days after assessing the fee.
Why the Other Options Are Wrong
Option B: Treat examination, supervision, and enforcement as satisfied by borrower consent alone.
Treat examination, supervision, and enforcement as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Delay the Washington requirement until after the loan closes or the renewal period ends.
Delay the Washington requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat consumer consent as a cure for a prohibited or missing compliance step.
Treat consumer consent as a cure for a prohibited or missing compliance step. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
WA -> wa-servicing-examination-investigation-and-enforcement
Exam Tip
For Washington regulator questions, DFI authority includes examinations, investigations, records access, directives, subpoenas, sanctions, and restitution.
Common Mistakes to Avoid
- -Using a national baseline answer when Washington has a state-specific rule
- -Confusing DFI guidance, RCW requirements, and WAC implementation details
- -Treating temporary authority, remote work, or exemptions as blanket permission
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