Title 61 — Title 61 MORTGAGES, DEEDS OF TRUST, AND REAL ESTATE CONTRACTS
8 chapters · 105 sections in this title.
RCW 61.10.010 Definitions.
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As used in this chapter:(1) "Institutional third party" means the federal national mortgage association, the federal home loan mortgage corporation, the government national mortgage association, and other substantially similar institutions, whether public or private, provided the…
RCW 61.10.020 Condition of residential mortgage transaction—Disclosures—Notices—Harm to borrower—Compliance with federal requirements.
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(1) If a borrower is required to obtain and maintain mortgage insurance as a condition of entering into a residential mortgage transaction, the lender shall disclose to the borrower whether and under what conditions the borrower has the right to cancel the mortgage insurance in t…
RCW 61.10.030 Termination of insurance during term of indebtedness—Exception—Required conditions—Application to residential mortgage transactions—Compliance with federal requirements.
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(1) Except when a statute, regulation, rule, or written guideline promulgated by an institutional third party applicable to a residential mortgage transaction purchased in whole or in part by an institutional third party specifically prohibits cancellation during the term of inde…
RCW 61.10.040 Not required when loan is less than eighty percent of value—Compliance with federal requirements.
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On or after July 1, 1998, no borrower entering into a residential mortgage transaction in which the principal amount of the loan is less than eighty percent of the fair market value of the property shall be required to obtain mortgage insurance. Fair market value for a purchase m…
RCW 61.10.901 Effective date—1998 c 255.
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This act takes effect July 1, 1998.[ 1998 c 255 s 6.]