Washington Servicing Reference Guide
- Kacey Olson
| Citation | Topic | Requirement |
| WAC 208-620-551(5) | Application of Fees from Suspense Funds | (5) You are prohibited from using any funds in a suspense account to pay your own fees for servicing. |
| WAC 208-620-905 | Escrow Account Notice | You must notify the borrower within ten business days of any change to the escrow account, other than the changes brought about by the borrower's regularly scheduled payment, that will change the borrower's escrow payment amount. |
| Deeds of Trust / Wash. Rev. Code Ann. §61.24.031(9) | Foreclosure Loss Mitigation Form | A Notice of Default must include a declaration from the beneficiary or authorized agent that the beneficiary or authorized agent has contacted the borrower, tried with due diligence to contact the borrower, or the borrower has surrendered the property to the trustee, beneficiary, or authorized agent. |
| WAC 208-620-930(g) | Foreclosure Suspension | If the borrower accepts a loan modification verbally, in writing, or by making the first trial payment, you must suspend the foreclosure proceeding until such time as the borrower may fail to perform the terms of the loan modification. |
WA Consumer Loan Act | Wash. Rev. Code Ann. §31.04.105 Wash. Admin. Code §208-620-555(4) | Late Payment Fees | Every licensee may: (6) Charge and collect a penalty of not more than ten percent of any installment payment delinquent ten days or more |
| Wash. Rev. Code Ann. §61.24.143 | Notice Addressed to Resident of Subject Property | If the trustee elects to foreclose the interest of any occupant of tenant-occupied property, upon posting a notice of trustee's sale under RCW 61.24.040, the trustee or its authorized agent shall post in the manner required under RCW 61.24.040(1)(e) and shall mail at the same time in an envelope addressed to the "Resident of property subject to foreclosure sale" the following notice: "The foreclosure process has begun on this property, which may affect your right to continue to live in this property. Ninety days or more after the date of this notice, this property may be sold at foreclosure. If you are renting this property, the new property owner may either give you a new rental agreement or provide you with a sixty-day notice to vacate the property. You may wish to contact a lawyer or your local legal aid or housing counseling agency to discuss any rights that you may have." |
| Wash. Rev. Code Ann. §61.24.030(8) | Notice of Default | (8) That at least thirty days before notice of sale shall be recorded, transmitted or served, written notice of default shall be transmitted by the beneficiary or trustee to the borrower and grantor at their last known addresses by both first-class and either registered or certified mail, return receipt requested, and the beneficiary or trustee shall cause to be posted in a conspicuous place on the premises, a copy of the notice, or personally served on the borrower and grantor. |
| Deeds of Trust / Wash. Rev. Code Ann. §61.24.040(4) | Notice of Foreclosure | Notice of Foreclosure must be provided to the borrower at least 30 days prior to recording the Notice of Sale. With respect to the grantor, the trustee must include a Notice of Foreclosure with the Notice of Sale |
| Deeds of Trust / Wash. Rev. Code Ann. §61.24.031(1) | Notice of Pre-Foreclosure Options | A trustee, beneficiary, or authorized agent may not issue a Notice of Default until 30 days after satisfying the due diligence requirements and the borrower has not responded, or if the borrower responds to the initial contact, 90 days after the initial contact with the borrower was initiated. A beneficiary or authorized agent must make initial contact with the borrower by letter and telephone to provide the borrower with information described in §61.24.031. |
| WAC 208-620-935 | Notice of Sale - Borrower Notification | (2) If a borrower's property goes into foreclosure and the foreclosure sale occurs, you must notify the borrower within three business days of sale of the completion of the sale. You must mail the notification to the borrower's last known address provided to you. |
Wash. Rev. Code Ann. §6.21.030 | Notice of Sale - Judicial | Before the sale of real property under execution, order of sale, or decree, notice of the sale shall be given as follows: (1) The judgment creditor shall: (a) Not less than thirty days prior to the date of sale, cause a copy of the notice in the form provided in RCW 6.21.040 to be (i) served on the judgment debtor or debtors and each of them in the same manner as a summons in a civil action, or (ii) transmitted both by regular mail and by certified mail, return receipt requested, to the judgment debtor or debtors, and to each of them separately if there is more than one judgment debtor, at each judgment debtor's last known address; and (b) Not less than thirty days prior to the date of sale, mail a copy of the notice of sale to the attorney of record for the judgment debtor, if any; and (c) File an affidavit with the court that the judgment creditor has complied with the notice requirements of this section. |
| Deeds of Trust / Wash. Rev. Code Ann. §61.24.040(9) | Notice of Sale - Non-Judicial | The trustee must record a Notice of Sale in the office of the auditor in each county in which the deed of trust is recorded at least 90 days prior to the sale, or if a letter under RCW 61.24.031 is required, at least 120 days before the sale. In addition, the trustee must cause a copy of the Notice of Sale (excluding the acknowledgment) to be published in a legal newspaper in each county in which the property or any part thereof is situated, once on or between the 35th and 28th day before the date of sale, and once on or between the 14th and 7th day before the date of sale. If a trustee elects to foreclose the interest of any occupant of tenant-occupied property, upon posting a Notice of Sale (discussed above), the trustee or the trustee's authorized agent must post a copy of the Notice of Sale in a conspicuous place on the property, or in lieu of posting, cause a copy of the Notice of Sale to be served upon any occupant of the property. In addition, the trustee or the trustee's authorized agent must mail at the same time in an envelope addressed to the “Resident of property subject to foreclosure sale” the following notice: The foreclosure process has begun on this property, which may affect your right to continue to live in this property. Ninety days or more after the date of this notice, this property may be sold at foreclosure. If you are renting this property, the new property owner may either give you a new rental agreement or provide you with a 60-day notice to vacate the property. You may wish to contact a lawyer or your local legal aid or housing counseling agency to discuss any rights that you may have. |
| WAC 208-620-935 | Substantiating Foreclosure | (1) Before you refer a loan to foreclosure, you must document in the loan file evidence to substantiate the borrower's default and your right to foreclose. The file must also contain loan ownership information. |
| Revised Code of Washington / RCW 61.24.031 | Required Notice Prior to Default | (1)(a) A trustee, beneficiary, or authorized agent may not issue a notice of default under RCW 61.24.030(8) until: (i) Thirty days after satisfying the due diligence requirements as described in subsection (5) of this section and the borrower has not responded; or (ii) if the borrower responds to the initial contact, ninety days after the initial contact with the borrower was initiated. |
| WAC 208-620-567 | Third Party Fees | You may not charge a consumer for fees you paid to third parties in excess of the fee you paid to the third party. |