Loan Modification Services
Companies and individuals offering loan modification services to Washington residents involving their Washington real property must be licensed under the Mortgage Broker Practices Act (MBPA), chapter 19.146 RCW, or Consumer Loan Act (CLA), chapter 31.04 RCW, unless otherwise exempt under the language of those Acts.
Licensing & Laws For Loan Modification Service Providers
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Interpretive Statement IS 2009-01- Currently Being Revised
Interpretive Statement from DFI regarding licensing of loan modification services. (Currently being revised due to federal rule changes, see Mortgage Assistance Relief Services Rule below.) -
The Mortgage Assistance Relief Services Rule (PDF)*
The Federal Trade Commission (FTC) has issued a rule to curb unfair and deceptive practices associated with mortgage assistance relief services. If you offer mortgage assistance reliefservices – or work with companies that do – it’s wise to know about the provisions. - Mortgage Broker Licensing
Information on how to become licensed under the Mortgage Broker Practices Act. - Consumer Loan Company Licensing
Information on how to become licensed under the Consumer Loan Act. -
Mortgage Broker Practices Act
RCW 19.146 -
Consumer Loan Act
RCW 31.04
Information For Homeowners
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Be Cautious When Using Loan Modification Services
DFI advises homeowners who are delinquent on their mortgage to be cautious about using the services of someone offering to help them work with their lender to modify the terms of their home loan. -
Verify A License With DFI
Before working with a company or individual providing loan modification services in Washington, verify that they are licensed. -
Free Foreclosure & Refinancing Counseling
Free foreclosure and refinancing counseling is sponsored by the State of Washington. -
Making Home Affordable
First announced by President Barack Obama in February, Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments.
Forms
1 Page Disclosure Summary Forms And Instructions
Disclosure Summary Forms
Available in print only PDF or Microsoft Word.
- Fixed Rate Loan Disclosure Summary Form (PDF)*
- Variable Rate Loan Disclosure Summary Form (PDF)*
- Fixed Rate Loan Disclosure Summary Form (Word)*
- Variable Rate Loan Disclosure Summary Form (Word)**
New GFE Disclosure Summary Forms - Updated 11/05/2010
Please note: These versions of the forms have been pulled down for revision. You may use the original forms above or you may create your own form with the statutory language. Here is a link to the statutorily required language: http://apps.leg.wa.gov/rcw/default.aspx?cite=19.144.020.
Agreement for Residential Loan Modification Services
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Agreement for Residential Loan Modification Services (PDF)*
This form is provided pursuant to RCW 31.04.293 and 19.146.353.
Contact Us
If you have any questions about loan modification services, please feel free to contact us.
Phone: 360-902-8703
Toll Free: 1-877 RING DFI (746-4334)
Email: dcs@dfi.wa.gov.
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
** This document is a Microsoft Word file, and you will need Microsoft Word to view it. If you do not have Microsoft Word installed on your machine, you can download the free Microsoft Word Viewer.
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