<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Aptos;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:12.0pt;
font-family:"Aptos",sans-serif;
mso-ligatures:standardcontextual;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#467886;
text-decoration:underline;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Aptos",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1503013761;
mso-list-template-ids:1468565960;}
@list l1
{mso-list-id:1506364721;
mso-list-template-ids:1367506374;}
@list l1:level1
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Symbol;}
@list l1:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:1.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:"Courier New";
mso-bidi-font-family:"Times New Roman";}
@list l1:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:1.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level4
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:2.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level5
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:2.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:3.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level7
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:3.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level8
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:4.0in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
@list l1:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:4.5in;
mso-level-number-position:left;
text-indent:-.25in;
mso-ansi-font-size:10.0pt;
font-family:Wingdings;}
ol
{margin-bottom:0in;}
ul
{margin-bottom:0in;}
--></style>
</head>
<body lang="EN-US" link="#467886" vlink="#96607D" style="word-wrap:break-word">
<div class="WordSection1">
<p class="MsoNormal">Only one new bill so far today to review <o:p></o:p></p>
<p class="MsoNormal"><a href="https://app.leg.wa.gov/billsummary/?BillNumber=5929&Year=2025&Initiative=false">https://app.leg.wa.gov/billsummary/?BillNumber=5929&Year=2025&Initiative=false</a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Chat GPT Agent summary(below)<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Pre‑filed <b>Senate Bill 5929</b> (prefiled Dec<span style="font-family:"Arial",sans-serif"> </span>22<span style="font-family:"Arial",sans-serif"> </span>2025 for the 2026 session) would amend RCW<span style="font-family:"Arial",sans-serif"> </span>36.22.185
and RCW<span style="font-family:"Arial",sans-serif"> </span>36.22.250 to <b>exempt assignments or substitutions of previously recorded deeds of trust from two county recording charges</b><a href="https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929" target="_blank">legiscan.com</a>.
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.<o:p></o:p></p>
<p class="MsoNormal"><b>What the bill does<o:p></o:p></b></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="mso-list:l1 level1 lfo1"><b>Exempts assignments/substitutions of deeds of trust from the covenant homeownership assessment.</b><br>
The covenant homeownership program, enacted in 2023, requires county auditors to collect a
<b>$100 assessment on most recorded documents</b>. SB 5929 adds assignments or substitutions of previously recorded deeds of trust to the list of documents exempt from this $100 fee<a href="https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929" target="_blank">legiscan.com</a>.<o:p></o:p></li><li class="MsoNormal" style="mso-list:l1 level1 lfo1"><b>Exempts the same documents from the $183 document recording surcharge.</b><br>
County auditors currently charge a <b>$183 per‑instrument surcharge</b> 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
surcharge<a href="https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=,recorded%20deeds%20of%2016%20trust" target="_blank">legiscan.com</a>.<o:p></o:p></li></ul>
<p class="MsoNormal"><b>Impact on the title and escrow industry<o:p></o:p></b></p>
<ol style="margin-top:0in" start="1" type="1">
<li class="MsoNormal" style="mso-list:l0 level1 lfo2"><b>Reduced recording costs for lenders and servicers.</b><br>
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 <b>$283 per document</b>. Title and escrow companies that prepare and record assignments on behalf of lenders will therefore see lower recording charges to collect and remit.<o:p></o:p></li><li class="MsoNormal" style="mso-list:l0 level1 lfo2"><b>Encouraging proper chain‑of‑title maintenance.</b><br>
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.<o:p></o:p></li><li class="MsoNormal" style="mso-list:l0 level1 lfo2"><b>No change to recording procedures or consumer closings.</b><br>
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 <b>small reduction in recording fees</b> when assignments or substitutions are recorded.<o:p></o:p></li><li class="MsoNormal" style="mso-list:l0 level1 lfo2"><b>Reduced funding for housing programs.</b><br>
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.<o:p></o:p></li></ol>
<p class="MsoNormal"><b>Summary:</b> Pre‑filed SB 5929, though not a large structural bill, would
<b>make assignments or substitutions of previously recorded deeds of trust exempt from Washington’s $100 covenant homeownership assessment and the $183 document recording surcharge</b><a href="https://legiscan.com/WA/text/SB5929/id/3293159/Washington-2025-SB5929-Introduced.pdf#:~:text=Documents%20recording%20a%20birth%2C%20marriage%2C,1%20SB%205929" target="_blank">legiscan.com</a>.
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<o:p></o:p></p>
<p class="MsoNormal">h<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><i><span style="font-size:11.0pt;font-family:"Times New Roman",serif;mso-ligatures:none">Thank you
<o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:11.0pt"><img border="0" width="336" height="192" style="width:3.5in;height:2.0in" id="Picture_x0020_5" src="cid:image001.jpg@01DC73FA.979820E0"><span style="mso-ligatures:none"> <img border="0" width="242" height="223" style="width:2.5208in;height:2.3229in" id="Picture_x0020_6" src="cid:image002.png@01DC73FA.979820E0"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><i><span style="font-size:14.0pt;mso-ligatures:none">Freedom and Property Rights are inseparable. You can't have one without the other.<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><b><i><span style="font-size:14.0pt;mso-ligatures:none">~George Washington<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none"><o:p> </o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse">
<tbody>
<tr>
<td width="552" colspan="3" valign="top" style="width:413.75pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt"><b><span style="font-family:"Times New Roman",serif;color:#990000;mso-ligatures:none">WARNING – FRAUDULENT FUNDING INSTRUCTIONS</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt"><b><span style="font-family:"Times New Roman",serif;mso-ligatures:none">Email hacking and fraud are on the rise to fraudulently misdirect funds. Please call your escrow officer immediately
using contact information found from an independent source, such as the sales contract or internet, to verify any funding instructions received. We are not responsible for any wires sent by you to an incorrect bank account.</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
</td>
<td width="17" valign="top" style="width:12.4pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt;line-height:11.05pt">
<span style="font-size:10.0pt;font-family:"Times New Roman",serif;mso-ligatures:none"> </span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="552" colspan="3" valign="top" style="width:413.75pt;padding:0in 5.4pt 0in 5.4pt">
</td>
<td width="17" valign="top" style="width:12.4pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt;line-height:11.05pt">
<span style="font-size:10.0pt;font-family:"Times New Roman",serif;mso-ligatures:none"> </span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="156" valign="top" style="width:116.75pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt"><b><span style="font-family:"Times New Roman",serif;color:#990000"><img border="0" width="159" height="159" style="width:1.6562in;height:1.6562in" id="_x0000_i1025" src="https://i.imgur.com/JbY2vXS.png"></span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
</td>
<td width="413" colspan="3" valign="top" style="width:309.4pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-family:"Arial",sans-serif;color:red;mso-ligatures:none"> </span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt;line-height:11.05pt">
<span style="font-size:9.5pt;font-family:"Calibri",sans-serif;mso-ligatures:none"> </span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:10.0pt"><b><span style="font-family:"Arial",sans-serif;color:blue;mso-ligatures:none"><a href="https://www.youtube.com/watch?v=ek4TwC9owwY&feature=youtu.be" target="_blank"><span style="color:#1155CC">CLICK
HERE TO WATCH <br>
VIDEO ON WIRE FRAUD<br>
PREVENTION</span></a></span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="552" colspan="3" valign="top" style="width:413.75pt;padding:0in 5.4pt 0in 5.4pt">
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:9.5pt;mso-ligatures:none">This electronic mail may constitute a client communication that is privileged at law. It is not intended for transmission to,
or receipt by, any unauthorized persons. If you have received this electronic mail transmission in error, please delete it from your system without copying it, and notify the sender by reply e-mail, so that our address record can be corrected. </span></b><span style="font-size:11.0pt;mso-ligatures:none"><o:p></o:p></span></p>
</td>
<td style="padding:0in 0in 0in 0in"></td>
</tr>
<tr>
<td width="173" style="width:129.75pt;padding:0in 0in 0in 0in"></td>
<td width="72" style="width:.75in;padding:0in 0in 0in 0in"></td>
<td width="324" style="width:243.0pt;padding:0in 0in 0in 0in"></td>
<td width="18" style="width:13.5pt;padding:0in 0in 0in 0in"></td>
</tr>
<tr height="0">
<td width="173" style="border:none"></td>
<td width="72" style="border:none"></td>
<td width="324" style="border:none"></td>
<td width="18" style="border:none"></td>
</tr>
</tbody>
</table>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><span style="font-size:11.0pt;mso-ligatures:none"> </span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;mso-ligatures:none"><br>
<br>
<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
</body>
</html>