The Washington Department of Financial Institutions has finalized amendments to its regulations administrating the “Consumer Loan Act” (Wash. Rev. Code Ann. §§ 31.04.015 et seq.) and “Mortgage Broker Practices Act” (Ibid. §§ 19.146.005 et seq.), with an effective date of November 24, 2019 (see https://dfi.wa.gov/agency-rulemaking). Changes apparently include a new version of the model “Rate Lock Agreement” required by Ibid. § 19.146.030(2)(c) & (3) and Wash. Admin. Code §§ 208-620-510(3) & (4), 208-660-006, and 208-660-430(3)(c).
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).