New Washington Rule Finalizes the Mortgage Loan Disclosure Requirement

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The Washington Department of Financial Institutions ("DFI") has issued a final rule regarding the new one-page mortgage disclosure form. The new rule completes implementation of one of the principal recommendations of Governor Gregoire's Homeownership Security Task Force and is designed to provide Washington's mortgage applicants with clearer information about key loan terms. The final rule takes effect on December 5, 2008, and contains the final requirements for the disclosure. (The statutory requirement took effect in June but the DFI will now examine based on the final rule.) Lenders and brokers should review their disclosures very carefully to ensure that they are in compliance with the final rule. Also, since the new rule does not amend any existing requirements, lenders and brokers must continue to provide all other mandated federal and state disclosures.

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