Washington § 19.146.355 Third-party residential mortgage loan modification services providers—Duties—Restrictions.

Washington Statutes

§ 19.146.355 — Third-party residential mortgage loan modification services providers—Duties—Restrictions.

Washington § 19.146.355

Title 19BUSINESS REGULATIONS—MISCELLANEOUS

Ch. 19.146MORTGAGE BROKER PRACTICES ACT

This text of Washington § 19.146.355 (Third-party residential mortgage loan modification services providers—Duties—Restrictions.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wash. Rev. Code § 19.146.355 (2026).

Text

(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, thir

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(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 .

Effective date — 2010 c 35: See RCW 31.04.904 .