Tag: "Washington State Law"
Update on the May 7 Mortgage Broker Commission Meeting and SB 6471
At the beginning of every law, there’s a preamble and then a set of definitions. Many of you know this: A mortgage broker is not a lender. A lender is defined by federal law, RESPA, as an entity that makes loans. This means the entity has the money to fund the loans. Brokers, by definition [...]
View PostWashington State Mortgage Broker Commission Meeting May 7, 2008
There’s a Washington State Mortgage Broker Commission meeting tomorrow, May 7th at the Renton Community Center to discuss the impact of State Senate Bill 6471. This legislation ammends the Consumer Loan Act and Mortgage Broker Practices Act requiring all lenders to become licensed under the Consumer Loan Act (except those licensed under RCW 63.14) [...]
View PostWA State Legislative Changes: SHB 2770, SB 6471, SB 6381
The Washington State Legislature has passed three new laws that will go into effect June 12, 2008. SHB 2770 Governor Gregoire’s legislation implementing the recommendations of the Homeownership Task Force. This legislation impacts Banks, Credit Unions, the Consumer Loan Act (CLA), and the MBPA. The bill addresses prepayment penalties, negative amortization loans, the federal guidance [...]
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