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PDFWAC 460-33A-090

Dishonest and unethical practices—Mortgage broker-dealers.

The phrase "dishonest and unethical practices" as used in RCW 21.20.110 (1)(g) includes the following acts by mortgage broker-dealers or mortgage salespersons:
(1) To cause investors to sign reconveyances of title, quit claim deeds, or any other like instruments before such instruments are required in connection with some transaction such as payoff or foreclosure.
(2) To fail to deliver, within a reasonable time, to the investor proceeds, received by the mortgage broker-dealer, of sale, refinancing, or foreclosure of an obligation owned by the investor.
(3) To engage in any dishonest or unethical practice as set forth in WAC 460-21B-060 or 460-22B-090.
(4) To fail to comply with the material terms of agreements between the mortgage broker-dealer and the investors in mortgage paper securities.
(5) To obtain an agreement from investors in mortgage paper securities that provides for the indemnification of the mortgage broker-dealer or its affiliates by investors for violations of the Securities Act of Washington, chapter 21.20 RCW, or the rules adopted thereunder.
[Statutory Authority: RCW 21.20.060, [21.20].070, [21.20].090, [21.20].100, [21.20].180, [21.20].210, [21.20].250, [21.20].270, and [21.20].450. WSR 12-11-087, § 460-33A-090, filed 5/17/12, effective 6/17/12. Statutory Authority: RCW 21.20.450. WSR 01-23-002, § 460-33A-090, filed 11/7/01, effective 12/8/01; WSR 86-21-107 (Order SDO-140-86), § 460-33A-090, filed 10/20/86; WSR 83-03-025 (Order SDO-7-83), § 460-33A-090, filed 1/13/83.]
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