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Senate bill would expand foreclosure mediation to condo/HOA owners and add $80 loan origination fee to fund program
Summary
The Senate Housing Committee heard testimony on SB 5,686 to expand Washington's foreclosure mediation program to unit owners in common-interest communities and create an $80 foreclosure prevention fee at mortgage origination to increase funding for counseling, legal aid and mediation.
The Senate Housing Committee on Feb. 14 heard testimony on Senate Bill 5,686, which would expand Washington’s Foreclosure Fairness Program to allow unit owners in condominiums and homeowner associations to be referred for mediation and would create a new $80 foreclosure prevention fee assessed at mortgage origination to fund the program.
The bill’s sponsor, Senator Emily Orwall, said the measure responds to gaps in the existing program and shortfalls in federal funding. “When I first ran for the legislature it was during the great recession … we didn't really have a system in place to support homeowners,” Senator Orwall said, describing mediation as a core piece of the program that has helped thousands of Washington homeowners avoid foreclosure.
Under the bill, the Department of Commerce would add reporting specific to unit owners and associations, and the fee—charged at…
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