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PDFWAC 208-620-511

What is the disclosure required under RCW 19.144.020 for residential mortgage loans?

(1) You must provide the borrower with a clear, brief one page summary to help borrowers understand their loan terms. The disclosure summary must be provided on one page separate from any other documents and must use clear, simple, plain language terms that are reasonably understandable to the average person.
(2) You must provide the initial disclosure summary to the borrower within three business days following your receipt of a complete loan application.
(3) You must redisclose material loan terms within three days of a significant change, or at least three days before closing, whichever is earlier.
(4) You may provide the disclosure summary in electronic form, in a manner consistent with the procedure for delivery of electronic disclosure under Regulation Z of the Truth in Lending Act, 12 C.F.R. Part 1026, currently in effect, which implements the E-Sign Act of 2000, 15 U.S.C. Sec. 7001 et seq.
(5) The department has developed model forms that comply with this provision. See the department's website. See also RCW 19.144.020 and WAC 208-600-200.
(6) Disclosure in compliance with the Real Estate Settlement Procedures Act, Regulation X, 12 C.F.R. Part 1024 and Truth in Lending Act, Regulation Z, 12 C.F.R. Part 1026 is considered compliance with the disclosure requirements of this section.
[Statutory Authority: Chapter 43.320 RCW, RCW 31.04.165. WSR 16-08-026, § 208-620-511, filed 3/30/16, effective 4/30/16. Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 12-18-047, § 208-620-511, filed 8/29/12, effective 11/1/12. Statutory Authority: RCW 43.320.040, 31.04.165, 2009 c 120, and 2009 c 149. WSR 09-24-090, § 208-620-511, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 43.320.040, 19.144.070, 2008 c 78. WSR 09-01-159, § 208-620-511, filed 12/23/08, effective 1/23/09.]
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