Final Rule on Residential Mortgage Lending Disclosure Summary
November 06, 2008
On November 4, 2008, the Department of Financial Institutions (DFI) filed the final rule (CR-103, WSR 08-22-083) requiring credit unions, along with other Washington state mortgage lenders, to provide a disclosure summary on all loans used to purchase an owner-occupied, primary residence, or second home.
The new rule requires a one-page disclosure of material terms of mortgage loans. The rule is required by a law passed in 2008 (Chapter 19.144 RCW). The final rule is available on the DFI website at http://dfi.wa.gov/resources/rulemaking.htm.
If you do not have web access and wish to obtain a copy of the rule, please contact Rhonda Mires at 360-902-8718 or email@example.com.