(1) Except as otherwise permitted by this section, a
mortgage broker shall not receive a fee, commission, or
compensation of any kind in connection with the preparation,
negotiation, and brokering of a residential mortgage loan unless
a borrower actually obtains a loan from a lender on the terms and
conditions agreed upon by the borrower and mortgage broker. A
loan originator may not accept a fee, commission, or compensation
of any kind from borrowers in connection with the preparation,
negotiation, and brokering of a residential mortgage loan.
(2) A mortgage broker may:
(a) If the mortgage broker has obtained for the borrower a
written commitment from a lender for a loan on the terms and
conditions agreed upon by the borrower and the mortgage broker,
and the borrower fails to close on the loan through no fault of
the mortgage broker, charge a fee not to exceed three hundred
dollars for services rendered, preparation of documents, or
transfer of documents in the borrower's file which were prepared
or paid for by the borrower if the fee is not otherwise
prohibited by the Truth-in-Lending Act, 15 U.S.C. Sec. 1601, and
Regulation Z, 12 C.F.R. Sec. 226, as now or hereafter amended; or
(b) Solicit or receive fees for third party provider goods
or services in advance. Fees for any goods or services not
provided must be refunded to the borrower and the mortgage broker
may not charge more for the goods and services than the actual
costs of the goods or services charged by the third party
provider.
(3) A loan originator may not solicit or receive fees for a
third-party provider of goods or services except that a loan
originator may transfer funds from a borrower to a licensed
mortgage broker, exempt mortgage broker, or third-party provider,
if the loan originator does not deposit, hold, retain, or use the
funds for any purpose other than the payment of bona fide fees to
third-party providers.
[2006 c 19 § 8; 1993 c 468 § 13; 1987 c 391 § 9.]
NOTES:
Adoption of rules -- Severability -- 1993 c 468: See notes following RCW 19.146.0201.
Effective dates -- 1993 c 468: See note following RCW 19.146.200.