What are the rules and regulations governing real estate loans?

Real estate loans in Washington are governed by the Washington state laws and regulations outlined in the Washington Revised Code Title 19. All loans require a written contract with the lender and borrower, and the contract must specify the terms of the loan, including the amount of the loan, the interest rate, the repayment plan, and any other fees. Additionally, the contract must include language that conforms to Washington state law, such as a provision that requires the notice before foreclosure and other protections of the borrower. In Washington, lenders must also follow certain rules regarding loan and foreclosure procedures. For example, lenders can not begin the foreclosure process until three months have passed without any payments and must provide written notice of the situation to the borrower. Additionally, lenders can not charge required fees for services that have not been provided, such as a document preparation or title search fees. Finally, all loans in Washington must also comply with federal laws. The federal Truth in Lending Act and the Real Estate Settlement Procedures Act protect borrowers from unfair and deceptive practices by lenders. These laws require lenders to provide detailed information about the cost of the loan, the terms and conditions of the loan, and the borrower’s rights throughout the process.

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What are the rules and regulations governing real estate loans?

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