(1) The department shall apply the interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending to financial institutions.

Terms Used In Washington Code 19.144.030

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2)(a) Financial institutions subject to this chapter shall adopt and adhere to internal policies and procedures that are reasonably intended to achieve the objectives set forth in the interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending.
(b) The department shall adopt rules as required to implement this section.
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