Wash. Rev. Code Ann. § 60.04.255(1) (West 2013) requires every real property lender to provide a copy of the informational material described in Ibid. § 60.04.250 “to all persons obtaining loans, the proceeds of which are to be used for residential construction or residential repair or remodeling.” A “real property lender” is defined as “a bank, savings bank, savings and loan association, credit union, mortgage company, or other corporation, association, partnership, or individual that makes loans secured by real property in [Washington].” (Ibid. § 60.04.255[4])
The informational material referred to is published by the Washington Department of Labor and Industries on their website (http://www.lni.wa.gov/formpub/Detail.asp?DocID=1876).
We will be creating a duplicate of this document (Cx16579). In order for it to print under the right conditions, a new field called “Loan Proceeds Used for Construction or Repair/Remodeling” will be created to trigger the document when such field is set to “Yes.” It will be set to “Yes” under any of the following conditions/fields:
1. “Loan Purpose” = “Construction” or “Construction to Perm”;
2. “New Construction?” = “Yes”;
3. “Refinance Loan: Purpose of Refinance” = “Home Improve”;
4. “FHA Section Code” = “203k”; or
5. “Rehabilitation/Renovation Yes/No” = “Yes.”
When the “Loan Proceeds Used for Construction or Repair/Remodeling” is set to “Yes,” the document will print in Initial Disclosure packages.
This document will be available on November 26, 2013. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
November 19, 2013
DR 125531