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#1471902 - 11/23/10 08:00 PM Revisions to Washington State Disclosure Summary
WVW Offline
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Joined: Aug 2010
Posts: 5
I just came across revised Washington State Disclosure Summary forms online dated 11/5/10. Does anyone know when are we required to begin using the revised form? I'm not aware of any recent announcements.

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#1472742 - 11/24/10 11:28 PM Re: Revisions to Washington State Disclosure Summary WVW
Moman Offline
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Joined: Jul 2004
Posts: 505
WA
Please post a link - I was not able to locate anything other than the original 2008 ruling and revisions.

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#1473780 - 11/30/10 05:24 PM Re: Revisions to Washington State Disclosure Summary Moman
'Lil Freak! Offline
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The psych ward
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#1476538 - 12/06/10 07:52 PM Re: Revisions to Washington State Disclosure Summary 'Lil Freak!
WVW Offline
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Posts: 5

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#1491427 - 01/07/11 04:19 PM Re: Revisions to Washington State Disclosure Summary WVW
mzachau, CRCM Offline
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mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
There is no requirement to use the revised form. It was updated to be more in line with the GFE disclosure and it is at the institutions option as to whether they use the current disclosure or revised disclosure

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#1648488 - 01/10/12 04:13 PM Re: Revisions to Washington State Disclosure Summary WVW
Busy Bee, CRCM Offline
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Joined: Feb 2004
Posts: 1,089
PacificNW
We started using the 11/2010 revisions and then our system reverted back to the 2008 form. I am trying to get to the bottom of this issue to figure out how to correct it and when I went to DFI's website, it appears that they have pulled the 11/2010 form for revisions and only have the 2008 form available. Anyone else dealing with this issue? It's rather frustrating!

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#1660068 - 02/02/12 09:14 PM Re: Revisions to Washington State Disclosure Summary WVW
RFitzpatrick Offline
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RFitzpatrick
Joined: Apr 2002
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Pacific NW
AT the WBA Compliance Conference last October, the General Counsel of the DFI mentioned that he expected the requirement of this form would be repealed this year. As long as the standard RESPA disclosures are provided.

But the State did ask for it when they did our S&S exam last year.
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#1660088 - 02/02/12 10:00 PM Re: Revisions to Washington State Disclosure Summary WVW
Busy Bee, CRCM Offline
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Joined: Feb 2004
Posts: 1,089
PacificNW
Good to know! Thank you for the information! I didn't make it to the WBA Conference in 2011, so hadn't heard that. I'll keep my eye out for changes to that requirement.

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#1705304 - 05/31/12 06:56 PM Re: Revisions to Washington State Disclosure Summary WVW
RFitzpatrick Offline
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RFitzpatrick
Joined: Apr 2002
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Pacific NW
I just saw a memo from the State that this disclosure will no longer be required, effective June 7th.
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#1706256 - 06/04/12 05:58 PM Re: Revisions to Washington State Disclosure Summary WVW
dg Offline
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Pacific NW
Can you provide a link to that memo?

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#1706265 - 06/04/12 06:07 PM Re: Revisions to Washington State Disclosure Summary dg
'Lil Freak! Offline
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The psych ward
Here's a link that was posted to the credit unions' site:
http://dfi.wa.gov/cu/bulletins/2012/b-12-02.pdf
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#1797449 - 03/21/13 11:07 PM Re: Revisions to Washington State Disclosure Summary WVW
dg Offline
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Joined: Jan 2005
Posts: 811
Pacific NW
Is this effective for banks also or just credit unions?

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#1799324 - 03/28/13 05:48 PM Re: Revisions to Washington State Disclosure Summary WVW
KTW327 Offline
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KTW327
Joined: Mar 2011
Posts: 183
In the trees
This would apply to banks as well. The rule impacting anyone extending a residential mortgage loan in the state.

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