Wash. Admin. Code § 208-700-010 - Definitions
The definitions in this section apply throughout the chapter unless the context clearly requires otherwise.
(1) "Department" means the department of
financial institutions.
(2)
"Director" means the director of the department.
(3) "Mortgage lending fraud prosecution
account" or "account" means the account established under
RCW
36.22.181, and 43.32.140 (chapter 289, Laws
of 2003).
(4) "Mortgage lending
process" means the process through which a person seeks or obtains a
residential mortgage loan or residential mortgage loan modification including,
but not limited to, solicitation, application, or origination; negotiation of
terms; third-party provider services; underwriting; signing and closing; and
funding of the loan. Documents involved in the mortgage lending process
include, but are not limited to, uniform residential loan applications or other
loan applications, appraisal reports, settlement statements, supporting
personal documentation for loan applications such as W-2 forms, verifications
of income and employment, bank statements, tax returns, payroll stubs, and any
required disclosures.
(5) "Person"
means a natural person, corporation, company, limited liability corporation,
partnership, or association.
(6)
"Prosecutorial agency" means the office of the Washington attorney general, the
office of the United States Attorney, or the office of any county prosecutor in
the state of Washington.
(7)
"Residential mortgage loan" means any loan primarily for personal, family, or
household use secured by a mortgage or deed of trust on residential real estate
upon which is constructed or intended to be constructed a single family
dwelling or multiple family dwelling of four or fewer units.
(8) "Third-party provider" means any person
other than a mortgage broker or lender who provides goods or services in
connection with the preparation of a borrower's loan and includes, but is not
limited to, credit reporting agencies, title companies, appraisers, structural
and pest inspectors, or escrow companies.
Notes
Statutory Authority: RCW 43.320.040, 36.22.181. 04-02-008, § 208-700-010, filed 12/29/03, effective 1/29/04.
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