§ 61.10.010 Definitions
§ 61.10.020 Condition of residential mortgage transaction — Disclosures — Notices — Harm to borrower — Compliance with federal requirements
§ 61.10.030 Termination of insurance during term of indebtedness — Exception — Required conditions — Application to residential mortgage transactions — Compliance with federal requirements
§ 61.10.040 Not required when loan is less than eighty percent of value — Compliance with federal requirements
§ 61.10.901 Effective date — 1998 c 255
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Terms Used In Washington Code > Chapter 61.10 - Mortgage insurance

  • Appraisal: A determination of property value.
  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Institutional third party: means the federal national mortgage association, the federal home loan mortgage corporation, the government national mortgage association, and other substantially similar institutions, whether public or private, provided the institutions establish and adhere to rules applicable to the right of cancellation of mortgage insurance, which are the same or substantially the same as those utilized by the institutions named in this subsection. See Washington Code 61.10.010
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage insurance: means insurance, including mortgage guarantee insurance, against financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid in a residential mortgage transaction. See Washington Code 61.10.010
  • 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.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Residential mortgage transaction: means entering into a loan for personal, family, household, or purchase money purposes that is secured by a deed of trust or mortgage on owner-occupied, one-to-four unit, residential real property located in the state of Washington. See Washington Code 61.10.010
  • Statute: A law passed by a legislature.