Washington Servicer Licensing now Required

Washington  now requires Mortgage Loan Services to obtain a consumer license by July 1, 2010.  The state of Washington added additional requirements for servicer licensing and reporting responsibilities under the Consumer Loan Act  It also added fee assessment, disclosure/notification and escrow account requirements for servicers, as well as, advance fee restrictions and model fee agreements for loan modifications; including third-party loan modification providers. These provisions become effective July 1, 2010.