WAC 208-620-550(18) requires a loan application to indicate the date the application was taken or revised. WAC 208-620-010(4) defines the term “application” to mean “the submission of a borrower’s financial information in anticipation of a credit decision relating to a residential mortgage loan”. The law specifically states the submitted information includes the 6 pieces of information required under TRID: the borrower’s name, monthly income, Social Security number to obtain a credit report, the property address, an estimate of the value of the property, and the mortgage loan amount sought. In the past, we have interpreted application to mean the day the borrower/consumer signs the 1003. Alternatively, the term application could refer to the submission of the 6 pieces of information. Due to this interpretation, we have added the Application Date (FI 147) for Washington loans in the state-specific disclosure section of the Continuation Sheet of the 1003 to ensure compliance with the requirement.
These changes are available for testing on Stage & Stage 2 servers and will take effect on June 25, 2025. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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