A Washington broker starts soliciting the public in 2026 while its lender agreements are still being negotiated. What lender-agreement requirement must be met before soliciting the public?
Correct Answer
B) Premature: a written loan broker agreement precedes any solicitation
A mortgage broker must have a written loan broker agreement with a lender before any solicitation of, or contracting with, the public. Other choices: the absence of harm is not the test; a verbal understanding is not the written agreement; and the requirement is not limited to rate advertising, though advertising terms has its own rule. Source: RCW 19.146.040(3)
Why This Is the Correct Answer
A mortgage broker must have a written loan broker agreement with a lender before any solicitation of, or contracting with, the public. Other choices: the absence of harm is not the test; a verbal understanding is not the written agreement; and the requirement is not limited to rate advertising, though advertising terms has its own rule. Source: RCW 19.146.040(3)
More UST Questions
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