[WSBAPT] Private "Mortgage" Lien Paperwork

[John McCrady]

Yes, you need to look at Dodd Frank and the SAFE Act.  Under the rules as they existed a few years ago your client could be exempt, but I have not revisited these laws in several years.
Also look at the Washington Consumer Loan Act and the exemptions therein.  RCW 31.04   Again, I haven't looked at these in years, so I don't know about any possible recent amendments.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mike Winslow
Sent: Monday, October 26, 2020 6:43 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Private "Mortgage" Lien Paperwork

This loan is subject to regulation by the Dept. of Financial Institutions and requires a waiver be obtained from them, last I checked. Cindy Fazio at DFI is the lead attorney on these. Seems to me there are some new rules from DFI that may create an exemption for fewer than five loans per year, but I have not read up on this or how the exemption applies. Having previously owned a loan servicing company regulated by the DFI, and having handled real estate secured private money lending for 25 years, this is not something that I would just "borrow a form" to handle the matter. (Not looking for a referral by making these comments, as I am not taking new clients). Just a word to the wise. A promissory note selected specifically for this type of loan, a deed of trust for residential collateral and a mortgagee's title insurance policy would be the minimum documentation.


Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com<mailto:Mike at winslegal.com>

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Brent Williams-Ruth
Sent: Monday, October 26, 2020 5:06 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Private "Mortgage" Lien Paperwork

Greetings List -

I have a client who is having some tough COVID related times.  Parents/In-Laws are in a position where they are going to pay off their mortgage and have them make payments to them. Does anyone have a form that can be used for this and then recorded as a lien?

Brent Williams-Ruth  (preferred pronoun: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

Office/Scheduling Phone: (425) 830-5134

Direct Mobile: (206) 889-7919

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As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact Brent at Williams-RuthLaw.com<mailto:Brent at Williams-RuthLaw.com> and www.Williams-RuthLaw.com<https://r.xdref.com/?id=09R1qC3t020295&from=wsbapt-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.Williams-RuthLaw.com>



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