RCW 19.146.005 Findings and declaration. The legislature finds and declares that the brokering of residential real estate loans substantially affects the public interest, requiring that all actions in mortgage brokering be actuated by good faith, and that mortgage brokers, designated brokers, loan originators, and other persons subject to this chapter abstain from deception, and practice […]
RCW 19.146.010 Definitions. Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) “Affiliate” means any person who directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with another person. (2) “Borrower” means any person who consults with or retains […]
RCW 19.146.020 Exemptions from chapter. (1) The following are exempt from all provisions of this chapter: (a) Any person doing business under the laws of the state of Washington or the United States, and any federally insured depository institution doing business under the laws of any other state, relating to commercial banks, bank holding companies, […]
RCW 19.146.0201 Loan originator, mortgage broker—Prohibitions—Requirements. It is a violation of this chapter for loan originators, mortgage brokers, officers, directors, employees, independent contractors, or any other person subject to this chapter to: (1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; (2) […]
RCW 19.146.030 Written disclosure of fees and costs—Rules—Contents—Lock-in agreement terms—Excess fees limited. (1) Within three business days following receipt of a loan application from a borrower, a mortgage broker or loan originator must provide to the borrower a full written disclosure containing an itemization and explanation of all fees and costs that the borrower is […]
RCW 19.146.040 Written contract required—Contract entered by loan originator binding on mortgage broker—Written loan broker agreement required. (1) Every contract between a mortgage broker, or a loan originator, and a borrower must be in writing and contain the entire agreement of the parties. (2) Any contract under this section entered by a loan originator is […]
RCW 19.146.050 Moneys for third-party provider services deemed in trust—Deposit of moneys in trust account—Use of trust account—Rules—Tax treatment. (1) All moneys received by a mortgage broker from a borrower for payment of third-party provider services shall be deemed as held in trust immediately upon receipt by the mortgage broker. A mortgage broker shall deposit, […]
RCW 19.146.060 Accounting requirements. (1) A mortgage broker shall use generally accepted accounting principles. (2) Except as otherwise provided in subsection (3) of this section, a mortgage broker shall maintain accurate and current books and records which shall be readily available at a location available to the director until at least three years have elapsed […]
RCW 19.146.070 Fee, commission, or compensation—When permitted. (1) Except as otherwise permitted by this section, a mortgage broker must not receive a fee, commission, or compensation of any kind in connection with the preparation, negotiation, and brokering of a residential mortgage loan unless a borrower actually obtains a loan from a lender on the terms […]
RCW 19.146.080 Borrowers unable to obtain loans—Mortgage broker to provide copies of certain documents—Conditions—Exceptions. Except as otherwise required by the United States Code or the Code of Federal Regulations, now or as amended, if a borrower is unable to obtain a loan for any reason and the borrower has paid for an appraisal, title report, […]
RCW 19.146.085 Duties—Generally. The activities of a mortgage broker affect the public interest, and require that all actions of mortgage brokers, designated brokers, loan originators, and other persons subject to this chapter be actuated by good faith, abstain from deception, and practice honesty and equity in all matters related to their profession. The duty of […]
RCW 19.146.095 Fiduciary duties. (1) A mortgage broker has a fiduciary relationship with the borrower. For the purposes of this section, the fiduciary duty means that the mortgage broker has the following duties: (a) A mortgage broker must act in the borrower’s best interest and in the utmost good faith toward the borrower, and shall […]
RCW 19.146.100 Violations of chapter—Application of consumer protection act. The legislature finds that the practices governed by this chapter are matters vitally affecting the public interest for the purpose of applying the consumer protection act, chapter 19.86 RCW. Any violation of this chapter is not reasonable in relation to the development and preservation of business […]
RCW 19.146.103 Financial interest in a mortgage broker—Prohibited practices. (1) A mortgage broker, loan originator, officer or employee of any mortgage broker, or person who has a financial interest in a mortgage broker shall not, directly or indirectly, give any fee, kickback, payment, or other thing of value to any person as an inducement, reward […]
RCW 19.146.110 Criminal penalty. Any person who violates any provision of this chapter other than RCW 19.146.050 or any rule or order of the director is guilty of a misdemeanor punishable under chapter 9A.20 RCW. [ 2003 c 53 § 159; 1993 c 468 § 20; 1987 c 391 § 13.] NOTES: Intent—Effective date—2003 c […]
RCW 19.146.200 Mortgage broker or loan originator—License required—Suit or action for collection of compensation—Designated broker required. (1) A person, unless specifically exempted from this chapter under RCW 19.146.020, may not engage in the business of a mortgage broker or loan originator without first obtaining and maintaining a license under this chapter. (2) A person may […]
RCW 19.146.205 License—Application—Applicant to furnish information establishing identity—Background check—Fee—Bond or alternative. (1) Application for a mortgage broker license under this chapter must be made to the nationwide mortgage licensing system and registry and in the form prescribed by the director. The application must contain at least the following information: (a) The name, address, date of […]
RCW 19.146.210 License—Requirements for issuance—Denial—Validity—Surrender—Interim license—Rules. (1) The director shall issue and deliver a mortgage broker license to an applicant if, after investigation, the director makes the following findings: (a) The applicant has paid the required license fees; (b) The applicant has complied with RCW 19.146.205; (c) Neither the applicant, any of its principals, or […]
RCW 19.146.215 Continuing education—Rules. The designated broker of every licensee shall complete an annual continuing education requirement. The director shall establish standards in rule for approval of professional organizations offering continuing education to designated brokers. The director may approve continuing education taken by designated brokers in other states if the director is satisfied that such […]
RCW 19.146.218 Informal settlement of complaints or enforcement actions—Director’s discretion. Except to the extent prohibited by another statute, the director may engage in informal settlement of complaints or enforcement actions including, but not limited to, payment to the department for purposes of financial literacy and education programs authorized under RCW 43.320.150. If any person subject […]
