[WSBAPT] Private "Mortgage" Lien Paperwork

Tue Oct 27 11:41:09 PDT 2020

I would really like to know more about the DFI. Are there any CLEs on this
topic anyone knows about?

Kaitlyn

On Tue, Oct 27, 2020 at 10:47 AM Mike Winslow <mike at winslegal.com> wrote:

> I believe there is difference between *the lender* being exempt from
> licensing and *the loan* itself being exempt from regulation. My
> understanding is that the loan is still regulated and requires a waiver.
> Thus, as Kailie  Feeney points out, best practice is to obtain DFI
> waivers. The Washington Association of Realtors uses Form 22C for Seller
> Financed transactions, and last I checked, they are still using that form
> and requiring the parties to comply with the DFI waiver process.
>
> Recommend that you follow up with Cindy Fazio at DFI to confirm their
> current position.
>
> Mike
>
>
>
> Michael A. Winslow
>
> 1204 Cleveland Ave.
>
> Mount Vernon, WA 98273
>
> Ph. 360-336-3321
>
> Em. Mike at winslegal.com
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [mailto:
> wsbapt-bounces at lists.wsbarppt.com] *On Behalf Of *Heather de Vrieze
> *Sent:* Tuesday, October 27, 2020 9:41 AM
> *To:* WSBA Probate & Trust Listserv
> *Subject:* Re: [WSBAPT] Private "Mortgage" Lien Paperwork
>
>
>
> This provides some great links. Thanks. A quick review of the WAC and
> statute indicate my initial statement is supported by the law and
> regulations. Parents loaning to a child or other immediate family member
> transactions are exempt from these licensing rules and DFI regulation.
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
> 3909 California Avenue SW
>
> Seattle, WA 98116-3705
>
> (206)938-5500
>
> heatherd at westseattlelaw.com
>
> www.westseattlelaw.com
>
> *Click here to connect with de Vrieze | Carney on Facebook: *  *[image:
> FB Logo]* <https://www.facebook.com/DeVriezeCarney>
>
>
>
> For the latest information regarding firm operations and to see
> precautions we are taking in light of the Coronavirus crisis please visit
> our firm’s website, www.WestSeattleLaw.com.
>
> If I am sick, I will stay home, I ask you to do the same.
>
>
>
>
>
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>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Mike Winslow
> *Sent:* Tuesday, October 27, 2020 9:14 AM
> *To:* 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
> *Subject:* Re: [WSBAPT] Private "Mortgage" Lien Paperwork
>
>
>
> Check out this link: https://dfi.wa.gov/residential-seller-financing
>
>
>
>
>
> Michael A. Winslow
>
> 1204 Cleveland Ave.
>
> Mount Vernon, WA 98273
>
> Ph. 360-336-3321
>
> Em. Mike at winslegal.com
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [
> mailto:wsbapt-bounces at lists.wsbarppt.com
> <wsbapt-bounces at lists.wsbarppt.com>] *On Behalf Of *Heather de Vrieze
> *Sent:* Tuesday, October 27, 2020 8:46 AM
> *To:* WSBA Probate & Trust Listserv
> *Subject:* Re: [WSBAPT] Private "Mortgage" Lien Paperwork
>
>
>
> I do not believe that interfamily transactions like needs to worry about
> DFI or any more complicated regulations. There are plenty of issues (taxes,
> title insurance?, proper identification of the property, etc.) though, and
> good advice should be given and correct forms should be used. Having said
> that, this is a great resource for basic forms, including promissory note
> and deed of trust:
> https://www.wsba.org/for-legal-professionals/join-the-legal-profession-in-wa/limited-practice-officers/lpo-forms
> .
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
> 3909 California Avenue SW
>
> Seattle, WA 98116-3705
>
> (206)938-5500
>
> heatherd at westseattlelaw.com
>
> www.westseattlelaw.com
>
> *Click here to connect with de Vrieze | Carney on Facebook: *  *[image:
> FB Logo]* <https://www.facebook.com/DeVriezeCarney>
>
>
>
> For the latest information regarding firm operations and to see
> precautions we are taking in light of the Coronavirus crisis please visit
> our firm’s website, www.WestSeattleLaw.com.
>
> If I am sick, I will stay home, I ask you to do the same.
>
>
>
>
>
> CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally
> privileged and/or confidential information.  If you have received this
> e-mail in error, please notify the sender immediately and delete all copies
> of this e-mail message and any attachment.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> 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
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [
> mailto:wsbapt-bounces at lists.wsbarppt.com
> <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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> e-mail <Brent at Williams-RuthLaw.com> / website
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>
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-- 
Thank you,

Kaitlyn R. Jackson | Attorney| DIMENSION LAW GROUP PLLC
130 Andover Park East, Suite 300 | Tukwila, WA 98188
t: *206.973.3500 *| f: *206.577.5090*| e: *kaitlyn at dimensionlaw.com*|
www.dimensionlaw.com

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