We have recently received questions about our Washington Loan Brokerage Agreement (Cx19136). This disclosure is provided pursuant to Wash. Rev. Code Ann. § 19.146.040, which states:
Every contract between a mortgage broker, or a loan originator, and a borrower must be in writing and contain the entire agreement of the parties.
The Washington Department of Financial Institutions currently accepts the Loan Estimate to fulfill this requirement for a Loan Brokerage Agreement. However, it can be argued that the Loan Estimate is not an agreement of the parties because it states above the signature that “By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.” Out of an abundance of caution, we have chosen to continue printing Cx19136 WA Loan Brokerage Agreement generically to ensure that the requirements of this statute are met should the regulators at the Washington Department of Financial Institutions ever change their stance on the issue.
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