Washington adopted rules amending the Mortgage Broker Practices Act. Under the adopted rules: licensing requirements for companies providing loan processing or underwriting services are clarified; mortgage brokers must include specific information on the mortgage broker’s social media page (if the mortgage broker uses social media to advertise); references to federal good faith estimates and settlement statements are updated to include the Loan Estimate and the Closing Disclosure; mortgage brokers must maintain a copy of the mortgage broker’s agreement with a lender regarding the provision of disclosures (in the event a lender provides a disclosure on behalf of the broker); mortgage brokers are required to have written policies and procedures for the destruction of records; and mortgage brokers are required to notify the Department of Financial Institutions in writing within 45 days of a data breach. In addition, the adopted rules amend requirements with respect to advertisements and escrow accounts. The adopted rules become effective April 30, 2016.
See Washington State Department of Financial Institutions website for the full text of the Regulations:
http://www.dfi.wa.gov/documents/rulemaking/mortgage-brokers/2015/mbpa-adopted-rules.pdf
