[Legislativecommittee1] (no subject)

[Jp Kissling]

Only one new bill so far today to review
https://app.leg.wa.gov/billsummary/?BillNumber=5929&Year=2025&Initiative=false

Chat GPT Agent summary(below)

Pre‑filed Senate Bill 5929 (prefiled Dec 22 2025 for the 2026 session) would amend RCW 36.22.185 and RCW 36.22.250 to exempt assignments or substitutions of previously recorded deeds of trust from two county recording chargeslegiscan.com<https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929>. The bill is short and does not change any other aspects of deed recording or mortgage law. It does not directly regulate title insurers or escrow agents, but it affects the costs associated with recording certain mortgage‑related documents.
What the bill does

  *   Exempts assignments/substitutions of deeds of trust from the covenant homeownership assessment.
The covenant homeownership program, enacted in 2023, requires county auditors to collect a $100 assessment on most recorded documents. SB 5929 adds assignments or substitutions of previously recorded deeds of trust to the list of documents exempt from this $100 feelegiscan.com<https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929>.
  *   Exempts the same documents from the $183 document recording surcharge.
County auditors currently charge a $183 per‑instrument surcharge on recorded documents, used to fund homeless‑housing programs. SB 5929 adds assignments or substitutions of previously recorded deeds of trust to the list of documents exempt from this surchargelegiscan.com<https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=,recorded%20deeds%20of%2016%20trust>.
Impact on the title and escrow industry

  1.  Reduced recording costs for lenders and servicers.
Assignments and substitutions of deeds of trust commonly occur when a mortgage is sold, securitized or the trustee changes. Under current law these documents incur both the $100 covenant homeownership assessment and the $183 surcharge. By exempting them, SB 5929 lowers the cost of recording these instruments by $283 per document. Title and escrow companies that prepare and record assignments on behalf of lenders will therefore see lower recording charges to collect and remit.
  2.  Encouraging proper chain‑of‑title maintenance.
Because assignments are now cheaper to record, lenders may be more likely to record them promptly. This benefits title insurers by providing a clear public record of mortgage assignments, reducing risk when verifying lien priorities during refinances or property sales.
  3.  No change to recording procedures or consumer closings.
The bill does not alter the process for executing, notarizing or recording deeds of trust or assignments. It does not affect deed‑of‑trust foreclosure law, escrow licensing or title insurance regulations. For typical real‑estate transactions (sales or refinance closings), the only practical effect is a small reduction in recording fees when assignments or substitutions are recorded.
  4.  Reduced funding for housing programs.
The $100 assessment and $183 surcharge fund the covenant homeownership program and homeless‑housing programs. Exempting assignments of deeds of trust will slightly reduce revenue for these programs. Title and escrow professionals who track recording fee changes should be aware that this exemption shifts costs away from lenders and may impact funding for housing initiatives.
Summary: Pre‑filed SB 5929, though not a large structural bill, would make assignments or substitutions of previously recorded deeds of trust exempt from Washington’s $100 covenant homeownership assessment and the $183 document recording surchargelegiscan.com<https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929>. This reduces the cost for lenders and servicers to record these documents, encourages more accurate public records of mortgage assignments, and has minimal direct impact on escrow and title practices aside from recalibrating recording fee estimate
h

Thank you
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