WA Now Requires Licensure for Mortgage Servicers and their residential mortgage loan modification specialists

The Washington legislature passed H.B. 2608 which becomes effective on July 1, 2010.

 

The new licensure requirements are:

[1] a Washington Consumer Loan license under the Consumer Loan Act is now required in order to service residential mortgage loans

[2] a Washington mortgage loan originator license is now required in order for individuals to perform residential mortgage loan modification services under the Consumer Loan Act and/or the Mortgage Broker Practices Act by July 1, 2011

[3] the collection of an advance fee for performing residential mortgage loan modification services is prohibited, unless the borrower has been provided with a written fee agreement summarizing all material terms

http://apps.leg.wa.gov/documents/billdocs/2009-10/Pdf/Bills/Session%20Law%202010/2608.SL.pdf

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