Washington Code 19.146.040 – Written contract required — Contract entered by loan originator binding on mortgage broker — Written loan broker agreement required
Current as of: 2023 | Check for updates
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(1) Every contract between a mortgage broker, or a loan originator, and a borrower must be in writing and contain the entire agreement of the parties.
Terms Used In Washington Code 19.146.040
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) Any contract under this section entered by a loan originator is binding on the mortgage broker.
(3) A mortgage broker must have a written loan broker agreement with a lender before any solicitation of, or contracting with, the public.