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Feb
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Washington State Foreclosure Fairness Program Reporting Update

Washington State has enacted House Bill 1108, which provides funding for its homeowner assistance program. The bill shifts the remittance requirement and payment amount to be based on Notice of Default rather than Notice of Sale. As a result, Cenlar’s previous report “Quarterly First Legal Report for Washington” is being retired and replaced. The last Quarterly First Legal Report for Washington was provided on January 3rd 2022.

As part of the new requirement, the Washington State Department of Commerce has alerted Cenlar that clients must file quarterly reports of all foreclosures in which a Notice of Default (NOD) has been entered. While the change was effective January 1, 2022, the Department of Commerce has determined that this requirement became effective with Q4 2021 reporting. Report requirements include:

  • Sharing the total number of residential real properties for which the beneficiary has issued a NOD during the previous quarter
  • Remittance of $250 to the Department of Commerce for the Foreclosure Fairness Account
  • Provision of beneficiary contact information for entities responsible for compliance with the FFA, which is due within 45 days of each quarter.

To support this requirement, Cenlar will issue a quarterly report of all NODs for clients with loans in the state of Washington. The naming convention of the report will be DATE_WA-_NOD_REPORT_SERVICE FOR ID.  The report will indicate any loans where an NOD was filed in the prior quarter. If no NODs were filed in that quarter, the report will indicate “NO RESULTS.”  The first report for 4th Quarter of 2021 was issued February 9, 2022.
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