Current through Register Vol. 24-18, September 15, 2024
(1) Other
applicable laws, regulations, and programs. A violation of an applicable state
or federal law, regulation, or program is a violation of this act. In addition
to complying with all other provisions of this act, you must comply with the
following:
(a) Chapter 61.24 RCW and any
other applicable state or federal law, regulation, and program.
(b) The federal Servicemembers Civil Relief
Act.
(2) Servicing and
ownership transfers or sales.
(a) When
acquiring servicing rights from another servicer you must:
(i) Continue processing loan modification
requests and honoring trial and permanent modifications;
(ii) Designate the homeowner as a third-party
intended beneficiary in any subsequent contract for transfer or sale, unless
doing so would violate another state law or GSE modification program
requirements; and
(b)
When transferring or selling the servicing of loans with pending modification
requests or trial or permanent modifications you must:
(i) Inform the successor servicer if a loan
modification is pending;
(ii)
Obligate the successor servicer to accept and continue processing loan
modification requests and to honor trial and permanent loan modification
agreements; and
(iii) Designate the
homeowner as a third-party intended beneficiary in any contract for transfer or
sale, unless doing so would violate state law or GSE modification program
requirements.
(3) Payment processing and fees.
(a) You must accept and credit all amounts
received within one business day of receipt when the borrower has made the
payment to the address where instructed, provided, that the borrower has
provided sufficient information to credit the account. If you use the scheduled
method of accounting, any regularly scheduled payment made prior to the
scheduled due date must be credited no later than the due date. You must apply
the payment as specified in the loan documents.
(b) You may enter into a written contract
with the borrower whereby you hold funds of a certain type or sent by a certain
method for a period of time until the funds are available before crediting them
to the borrower's account.
(c) You
must notify the borrower if a payment is received but not credited and instead
placed in a suspense account. You must mail the notification to the borrower
within ten business days by mail at the borrower's last known address. The
notification must identify the reason the payment was not credited or treated
as credited to the account, as well as any actions the borrower must take to
make the residential mortgage loan current. If you provide monthly or more
frequent statements that include this information you are not required to
provide the information in a notice in addition to the monthly or more frequent
statement. In the event of a conflict between this subsection (3)(c) or (d) of
this section immediately following or both, and the requirements of an
applicable bankruptcy court order, compliance with the bankruptcy court
requirements are considered compliance with the subsections.
(d) When the suspense account contains enough
money to make a full payment, you must apply that payment to the mortgage as of
the date the full amount became available in the suspense account.
(e) You must assess any incurred fees to a
borrower's account within forty-five days of the date on which the fee was
incurred. You must clearly and conspicuously explain the fee in a statement
mailed to the borrower at the borrower's last known address no more than thirty
days after assessing the fee. If you provide monthly or more frequent
statements that include this information you are not required to provide the
information in a notice in addition to the monthly or more frequent
statement.
(4)
Contracting with other parties. You must adopt written policies and procedures
for the oversight of third-party providers including, but not limited to,
foreclosure trustees, foreclosure firms, subservicers, agents, subsidiaries,
and affiliates. You must maintain the policies and procedures as part of your
books and records and must provide them to the department when directed to do
so.
(5) See also WAC
208-620-551.
Statutory Authority:
RCW
43.320.040 and
31.04.165. 12-18-047, §
208-620-900, filed 8/29/12,
effective 11/1/12. Statutory Authority:
RCW
43.320.040,
31.04.165 and 2010 c 35.
10-20-122, §
208-620-900, filed 10/5/10,
effective 11/5/10.
