THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: WA2025005
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Bulletin: WA2025005
Dear Associates:
The Washington Department of Commerce has issued guidelines for the collection and reporting of fees collected under SB 5686. Attached here.
All residential mortgage loans closed on or after July 27, 2025, must include the statutorily required $80.00 fee referred to as the “Foreclosure Prevention Fee.” This new Foreclosure Prevention Fee must be assessed on any residential mortgage loan on a property located within Washington State. Section 8(1) sets forth one exception to the Foreclosure Prevention Fee requirement: reverse mortgage loans for any person over the age of 61.
Please see the following links below:
LINK TO FORECLOSURE FAIRNESS PROGRAM.
https://www.commerce.wa.gov/homeownership/foreclosure-fairness/
THE DETAILED PAYMENT INSTRUCTIONS HAVE BEEN PROVIDED AND ARE ATTACHED here.
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References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None