fiduciary duties for mortgage brokers and more

[jillayne]

Two bills are coming up for a vote in the state legislature.

Senate Bill 6381

http://apps.leg.wa.gov/billinfo/summary ... &year=2008

Requires that mortgage brokers will owe fiduciary duties to consumers



Senate Bill 6452

http://apps.leg.wa.gov/billinfo/summary ... &year=2008

Requires that mortgage brokers disclose their yield spread premium (YSP) to consumers at application as a percentage and dollar amount and not a range.

If the yield earned at closing is higher than what was disclosed to the consumer at application, the broker will be required to refund the difference to the consumer at closing.


The bills are not lengthy to read.

Take a look and send a message to your house representative if you feel so inclined. Both bills will come up in the house for public comment next week. They both sailed through the senate.