Compliance Memo C2021-09 URGENT – Properties Located in Washington
Per House Bill 1277 – Washington State Legislature has passed bill to increase recording fees by $100 effective July 25, 2021.
Effective Sunday, July 25, 2021, recording fees in the State of Washington will increase by $100.00. This means each document recorded will increase to $203.50 for first page for most counties. This means a possible $200.00 increase for Deed of Trust and Warranty Deed on purchases.
We are currently working on encompass automatically adding an additional $200.00 to each loan currently active that has already been disclosed and previous to a Doc Prep Milestone.
System will add an additional $200.00 to line 1208 as a recording fee. This will trigger for the need to redisclose on either the LE or CD. These must be redisclosed by Thursday, July 29th for a valid COC.
An additional COC reason has been added to the system which reads: STMLT- Federal, Agency, or State Regulation Change Affecting Fees
This only valid if increase is $100 or $200 accordingly, any additional increase must have an additional COC reason to increase if fee exceeds the 10% tolerance allowed.
The closing cost templates have been updated for branches located in Washington. If you do business in Washington and have a separate template set up for this state, you are going to need to reach out to Help to have it updated.
Effective: July 25, 2021
If you have any questions or need additional clarification, please reach out to me directly at firstname.lastname@example.org