§ 19.144.060. Risk grade determination
A person licensed or subject to licensing, or otherwise subject to regulation pursuant to chapter 19.146 RCW, or a consumer loan company licensed or subject to licensing under chapter 31.04 RCW may not steer, counsel, or direct any borrower to accept a residential mortgage loan product with a risk grade less favorable than the risk grade that the borrower would qualify for based on the licensee or other regulated person's then current underwriting guidelines, prudently applied, considering the information available to the licensee or other regulated person, including the information provided by the borrower. A licensee or other regulated person has not violated this requirement if the risk grade determination applied to a borrower is reasonably based on the licensee or other regulated person's underwriting guidelines for the borrower's appropriate risk grade category and the borrower is offered choices of residential mortgage loan products within the borrower's appropriate risk grade category.
[2008 c 108 § 7.]
Sections: Previous 19.144.005 19.144.010 19.144.020 19.144.030 19.144.040 19.144.050 19.144.060 19.144.070 19.144.080 19.144.090 19.144.100 19.144.110 19.144.120 NextLast modified: April 7, 2009