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Committee hears clarifying changes to $80 foreclosure prevention fee and a study on a homeowner assistance fund
Summary
Substitute Senate Bill 5,938 clarifies how the $80 foreclosure prevention fee is collected and administered, expands exemptions (including reverse mortgages to age 60 and chattel loans for manufactured homes), allows financing of the fee, and directs a Department of Commerce study on a Washington homeowner assistance fund due July 1, 2027.
House staff told the committee that substitute Senate Bill 5,938 would refine the $80 foreclosure prevention fee created last session and create a study on whether part of the fee could support a state homeowner assistance fund.
Audrey Vaisik, committee staff, summarized the substitute: exemptions to the fee would expand to include reverse mortgage loans made to a person 60 years of age or older (down from 61), the bill would cover chattel loans or retail installment contracts for manufactured homes, and if a borrower finances a purchase through certain state programs the fee may only be collected on the first lien residential mortgage loan. The bill would remove the option for the fee to be paid from a borrower's cash contribution at closing and instead allow the fee to be financed in…
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