[Underwritercontactsall1] WLTA Notice Re Updates to SB 5686

[Callahan, Ashley]

Hello WLTA Members,

As you likely know, updates to SB 5686, effective July 27, 2025, will require escrow agents 1) to collect $80.00 and remit it to the Foreclosure Fairness Account at closing and 2) provide written notice to borrowers on or before closing.  WLTA requested additional information from the Department of Commerce to learn how and where to send the $80.00 and where escrow agents obtain a copy of the notice, to be created by Department of Commerce.  In response, we received the following from the Department of Commerce.

Please see the following links below (these will be posted on our website<https://urldefense.com/v3/__https:/www.commerce.wa.gov/homeownership/foreclosure-fairness/__;!!L1aKtqoz4WY!b_ye5KQQX6v7tbIpywd9cImf_c_afQW2xucHkUO2VwUv3tfF1o9ktHYd6Corjqc5_ZStsSmmzYSOf1punh2LaMC7WmTFHFnMmBFj$> in the coming days):

Commerce E2SSB 5686 Guidance:

https://deptofcommerce.box.com/s/ywmpe3f9cwh0z3axc9xu2u0gj3m1lcft<https://urldefense.com/v3/__https:/deptofcommerce.box.com/s/ywmpe3f9cwh0z3axc9xu2u0gj3m1lcft__;!!L1aKtqoz4WY!b_ye5KQQX6v7tbIpywd9cImf_c_afQW2xucHkUO2VwUv3tfF1o9ktHYd6Corjqc5_ZStsSmmzYSOf1punh2LaMC7WmTFHNk70w7w$>

Foreclosure Prevention Fee Disclosure document:

https://deptofcommerce.box.com/s/o7fwbdrl0xgnkq2s9mhexjqtnh46u3vi<https://urldefense.com/v3/__https:/deptofcommerce.box.com/s/o7fwbdrl0xgnkq2s9mhexjqtnh46u3vi__;!!L1aKtqoz4WY!b_ye5KQQX6v7tbIpywd9cImf_c_afQW2xucHkUO2VwUv3tfF1o9ktHYd6Corjqc5_ZStsSmmzYSOf1punh2LaMC7WmTFHG1SZrqw$>

Detailed payment instructions will be released in the coming weeks closer to the July 27th effective date.

If WLTA receives additional information, we will pass it on to you.   A copy of SB 5686 is attached, see section 8, pages 21 & 22.   You may get more than one copy of this email due to overlapping distribution lists.


Ashley B. Callahan
WLTA, President
Direct 425-835-7404
acallahan at ortc.com

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