Our routine audit of state disclosures has resulted in a few changes being made to Washington and Oregon documents, as follows:
Oregon
OR Version of Multi-state Cx2778 Anti-Coercion Insurance Disclosure
Oregon ORS 746.215(2) requires an anti-coercion disclosure to inform the customer that “the customer’s choice of insurer or insurance producer will not affect the credit decision or credit terms in any way, except that the depository institution may impose reasonable requirements concerning the creditworthiness of the insurer and the extent of coverage chosen.” Our copy of the Oregon Anti-Coercion Insurance disclosure (cx2778) is being updated to more explicitly follow the statutes’ disclosure requirements.
Cx4297 OR Float or Lock Agreement
Oregon has updated its Interest rate lock/Float agreement model form (our Cx4297). The changes are minor text and formatting edits, the most notable example being the changing of the “Lock fee” label to “Lock Cost”. We are updating our Cx4297 accordingly.
Washington
Cx2792 WA Interest Rate Lock Agreement
Washington has updated and reorganized its Interest Rate Lock Agreement model form. In addition to a few formatting and text changes, the Washington State seal has been removed from the document. Another change is that the text “including Saturdays” is being removed due to the recent updates to WAC 208-620-510(3). Our copy of this form, Cx2792, is being modified to reflect the changes on the updated model form.
Cx20791 WA Hiring a Contractor, Remodeler, or HandyMan
Besides the changes to these existing forms, we are also adding a new disclosure for Washington that is only applicable for construction loans. The document is required by RCW 60.04.255 and specifies that every real property lender must provide the informational material on protection against lien claims specified in RCW 60.04.250 to all persons obtaining loans for residential construction, repair, or remodeling. The required booklet is prepared by the Washington Department of Labor and Industries and is called “What You Should Know About Hiring a Contractor, Remodeler, or Handyman”. This document will be generated as a static PDF document under the required circumstances. This means that alterations and customizations to the form will not be possible.
These document changes will be available on October 12, 2016. If you have any questions about these changes, please contact client support at 1.800.497.3584.
DR 208479, 208597, 208426, and 208437