Skip to content
BOL Conferences
Learn More - Click Here!

Thread Options
#1471902 - 11/23/10 08:00 PM Revisions to Washington State Disclosure Summary
WVW Offline
New Poster
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.

Return to Top
#1472742 - 11/24/10 11:28 PM Re: Revisions to Washington State Disclosure Summary WVW
Moman Offline
Platinum Poster
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.

Return to Top
#1473780 - 11/30/10 05:24 PM Re: Revisions to Washington State Disclosure Summary Moman
'Lil Freak! Offline
10K Club
'Lil Freak!
Joined: Sep 2005
Posts: 10,596
The psych ward
_________________________
No, I didn't lose my mind. It got scared and ran away.

Return to Top
#1476538 - 12/06/10 07:52 PM Re: Revisions to Washington State Disclosure Summary 'Lil Freak!
WVW Offline
New Poster
Joined: Aug 2010
Posts: 5

Return to Top
#1491427 - 01/07/11 04:19 PM Re: Revisions to Washington State Disclosure Summary WVW
mzachau, CRCM Offline
Gold Star
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

Return to Top
#1648488 - 01/10/12 04:13 PM Re: Revisions to Washington State Disclosure Summary WVW
Busy Bee, CRCM Offline
Diamond Poster
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!

Return to Top
#1660068 - 02/02/12 09:14 PM Re: Revisions to Washington State Disclosure Summary WVW
RFitzpatrick Offline
Gold Star
RFitzpatrick
Joined: Apr 2002
Posts: 424
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last October, the General Counsel of the DFI mentioned that he expected the requirement of this form would be repealed this year.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.
_________________________
Liability for taking my advice is limited to the amount you paid for it.

Return to Top
#1660088 - 02/02/12 10:00 PM Re: Revisions to Washington State Disclosure Summary WVW
Busy Bee, CRCM Offline
Diamond Poster
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.

Return to Top
#1705304 - 05/31/12 06:56 PM Re: Revisions to Washington State Disclosure Summary WVW
RFitzpatrick Offline
Gold Star
RFitzpatrick
Joined: Apr 2002
Posts: 424
Pacific NW
I just saw a memo from the State that this disclosure will no longer be required, effective June 7th.
_________________________
Liability for taking my advice is limited to the amount you paid for it.

Return to Top
#1706256 - 06/04/12 05:58 PM Re: Revisions to Washington State Disclosure Summary WVW
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
Can you provide a link to that memo?

Return to Top
#1706265 - 06/04/12 06:07 PM Re: Revisions to Washington State Disclosure Summary dg
'Lil Freak! Offline
10K Club
'Lil Freak!
Joined: Sep 2005
Posts: 10,596
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
_________________________
No, I didn't lose my mind. It got scared and ran away.

Return to Top
#1797449 - 03/21/13 11:07 PM Re: Revisions to Washington State Disclosure Summary WVW
dg Offline
Platinum Poster
Joined: Jan 2005
Posts: 811
Pacific NW
Is this effective for banks also or just credit unions?

Return to Top
#1799324 - 03/28/13 05:48 PM Re: Revisions to Washington State Disclosure Summary WVW
KTW327 Offline
100 Club
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.

Return to Top