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Committee Hears Staff Briefing on SB 5831 to Codify Uniform Mortgage Modification Act
Summary
The Consumer Protection and Business Committee received a staff briefing and sponsor remarks on SB 5831, which would enact the Uniform Mortgage Modification Act in Washington and create safe harbors that preserve mortgage priority after certain modifications; no public testimony was offered.
The Senate Consumer Protection and Business Committee heard a staff briefing Feb. 18 on Senate Bill 5831, which would enact the Uniform Mortgage Modification Act in Washington.
Peter Klotfelter, committee staff, told the panel that the measure would make clear that for a set of mortgage changes identified in the bill — such as limited extensions of maturity, reductions in interest rate,…
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