Washington · statute · Wash. Rev. Code ch. 19.148 · 4 active provisions
The ability of individuals to obtain information relating to their residential mortgage loans is vital to the financial needs of mortgagors in Washington. The public interest is adversely affected when a residential mortgage loan's servicing is sold or transferred with insufficient notification given to the mortgagor.…
Unless the context requires otherwise, the definitions in this section apply throughout this chapter.(1) "Lender" shall mean any person in the business of making a loan.(2) "Loan" shall mean any loan used to finance the acquisition of a one-to-four family owner-occupied residence located in this state.(3) "Purchasing s…
(1) If the servicing for the loan is subject to sale, transfer, or assignment, a lender shall so disclose in writing at the time of or prior to loan closing and shall also disclose in the same writing that when such servicing is sold, transferred, or assigned, the purchasing servicing agent is required to provide notif…
This act shall take effect on January 1, 1990.