§ 19.146.005 Findings and declaration
§ 19.146.010 Definitions
§ 19.146.020 Exemptions from chapter
§ 19.146.0201 Loan originator, mortgage broker — Prohibitions — Requirements
§ 19.146.030 Written disclosure of fees and costs — Rules — Contents — Lock-in agreement terms — Excess fees limited
§ 19.146.040 Written contract required — Contract entered by loan originator binding on mortgage broker — Written loan broker agreement required
§ 19.146.050 Moneys for third-party provider services deemed in trust — Deposit of moneys in trust account — Use of trust account — Rules — Tax treatment
§ 19.146.060 Accounting requirements
§ 19.146.070 Fee, commission, or compensation — When permitted
§ 19.146.080 Borrowers unable to obtain loans — Mortgage broker to provide copies of certain documents — Conditions — Exceptions
§ 19.146.085 Duties — Generally
§ 19.146.095 Fiduciary duties
§ 19.146.100 Violations of chapter — Application of consumer protection act
§ 19.146.103 Financial interest in a mortgage broker — Prohibited practices
§ 19.146.110 Criminal penalty
§ 19.146.200 Mortgage broker or loan originator — License required — Suit or action for collection of compensation — Designated broker required
§ 19.146.205 License — Application — Applicant to furnish information establishing identity — Background check — Fee — Bond or alternative
§ 19.146.210 License — Requirements for issuance — Denial — Validity — Surrender — Interim license — Rules
§ 19.146.215 Continuing education — Rules
§ 19.146.218 Informal settlement of complaints or enforcement actions — Director’s discretion
§ 19.146.220 Director — Powers and duties — Violations as separate violations — Rules
§ 19.146.221 Action by director — Hearing — Sanction
§ 19.146.223 Director — Administration and interpretation
§ 19.146.225 Director — Rule-making powers
§ 19.146.226 Director — Licensing rules and interim procedures
§ 19.146.227 Cease and desist order — Action to enjoin and enforce
§ 19.146.228 Fees — Exception
§ 19.146.230 Administrative procedure act application
§ 19.146.233 Subpoena authority — Application — Contents — Notice — Fees
§ 19.146.235 Director’s authority to conduct investigations and examinations — Rules — Penalty
§ 19.146.237 Director — Powers under chapter 19.144 RCW
§ 19.146.240 Violations — Claims against bond or alternative
§ 19.146.245 Violations — Liability
§ 19.146.250 Authority restricted to person named in license — Exceptions
§ 19.146.260 Registered agent for brokers without physical office in state — Venue
§ 19.146.265 Branch offices — Fee — Licenses — Rules
§ 19.146.300 Loan originator license — Application — Applicant to furnish information establishing identification — Background check — Fees — Rules
§ 19.146.310 Loan originator license — Requirements for issuance — Denial — Validity — Expiration — Surrender — Interim license
§ 19.146.320 Loan originator license — Not assignable
§ 19.146.325 Loan originator license — Test
§ 19.146.340 Loan originator applicants
§ 19.146.350 Loan originators — Continuing education — Requirements
§ 19.146.353 Residential mortgage loan modification services — Written fee agreement — Limitation on fees — Rules
§ 19.146.355 Third-party residential mortgage loan modification services providers — Duties — Restrictions
§ 19.146.357 Mortgage loan originator — License required — Nationwide mortgage licensing system and registry
§ 19.146.360 Director’s duty — Process to challenge information — Nationwide mortgage licensing system and registry
§ 19.146.370 Disclosure of information — Privilege — Confidentiality — Exceptions
§ 19.146.380 Director’s authority to contract — Records and fees
§ 19.146.390 Mortgage brokers — Call reports — Licensing system and registry
§ 19.146.400 Director’s authority — Violation and enforcement reporting
§ 19.146.900 Short title
§ 19.146.903 Effective dates — 1994 c 33
§ 19.146.904 Implementation of act — 2006 c 19
§ 19.146.905 Effective date — 2006 c 19
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Terms Used In Washington Code > Chapter 19.146 - Mortgage broker practices act

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.