RCW 19.146.355
Third-party residential mortgage loan modification services providers—Duties—Restrictions.
(1) In addition to complying with all requirements for loan originators under this chapter, third-party residential mortgage loan modification services providers must:
(a) Provide a written fee disclosure summary as described in RCW 19.146.353 before accepting any advance fee;
(b) Not receive an advance fee greater than seven hundred fifty dollars;
(c) Not charge total fees in excess of usual and customary charges, or total fees that are not reasonable in light of the service provided; and
(d) Immediately inform the borrower in writing if the owner of the loan requires additional information from the borrower, or if it becomes apparent that a residential mortgage loan modification is not possible.
(2) As a condition for providing a loan modification or loan modification services, third-party residential mortgage loan modification services providers and individuals servicing a residential mortgage loan must not require or encourage a borrower to:
(a) Sign a waiver of his or her legal defenses, counterclaims, and other legal rights against the servicer for future acts;
(b) Sign a waiver of his or her right to contest a future foreclosure;
(c) Waive his or her right to receive notice before the owner or servicer of the loan initiates foreclosure proceedings;
(d) Agree to pay charges not enumerated in any agreement between the borrower and the lender, servicer, or owner of the loan; or
(e) Cease communication with the lender, investor, or loan servicer.
(3) Failure to comply with subsection (1) of this section is a violation of RCW 19.144.080.
[ 2010 c 35 § 17.]
NOTES:
Effective date—2010 c 35: See RCW 31.04.904.
Structure Revised Code of Washington
Title 19 - Business Regulations—Miscellaneous
Chapter 19.146 - Mortgage Broker Practices Act.
19.146.005 - Findings and declaration.
19.146.020 - Exemptions from chapter.
19.146.0201 - Loan originator, mortgage broker—Prohibitions—Requirements.
19.146.060 - Accounting requirements.
19.146.070 - Fee, commission, or compensation—When permitted.
19.146.085 - Duties—Generally.
19.146.095 - Fiduciary duties.
19.146.100 - Violations of chapter—Application of consumer protection act.
19.146.103 - Financial interest in a mortgage broker—Prohibited practices.
19.146.110 - Criminal penalty.
19.146.210 - License—Requirements for issuance—Denial—Validity—Surrender—Interim license—Rules.
19.146.215 - Continuing education—Rules.
19.146.218 - Informal settlement of complaints or enforcement actions—Director's discretion.
19.146.220 - Director—Powers and duties—Violations as separate violations—Rules.
19.146.221 - Action by director—Hearing—Sanction.
19.146.223 - Director—Administration and interpretation.
19.146.225 - Director—Rule-making powers.
19.146.226 - Director—Licensing rules and interim procedures.
19.146.227 - Cease and desist order—Action to enjoin and enforce.
19.146.230 - Administrative procedure act application.
19.146.233 - Subpoena authority—Application—Contents—Notice—Fees.
19.146.235 - Director's authority to conduct investigations and examinations—Rules—Penalty.
19.146.237 - Director—Powers under chapter 19.144 RCW.
19.146.240 - Violations—Claims against bond or alternative.
19.146.245 - Violations—Liability.
19.146.250 - Authority restricted to person named in license—Exceptions.
19.146.260 - Registered agent for brokers without physical office in state—Venue.
19.146.265 - Branch offices—Fee—Licenses—Rules.
19.146.320 - Loan originator license—Not assignable.
19.146.325 - Loan originator license—Test.
19.146.340 - Loan originator applicants.
19.146.350 - Loan originators—Continuing education—Requirements.
19.146.370 - Disclosure of information—Privilege—Confidentiality—Exceptions.
19.146.380 - Director's authority to contract—Records and fees.
19.146.390 - Mortgage brokers—Call reports—Licensing system and registry.
19.146.400 - Director's authority—Violation and enforcement reporting.
19.146.903 - Effective dates—1994 c 33.