Revised Code of Washington - RCW Title 61 Mortgages, Deeds Of Trust, And Real Estate Contracts - Section 61.10.010 Definitions

§ 61.10.010. Definitions

As used in this chapter:

(1) "Institutional third party" means the federal national mortgage association, the federal home loan mortgage corporation, the government national mortgage association, and other substantially similar institutions, whether public or private, provided the institutions establish and adhere to rules applicable to the right of cancellation of mortgage insurance, which are the same or substantially the same as those utilized by the institutions named in this subsection.

(2) "Mortgage insurance" means insurance, including mortgage guarantee insurance, against financial loss by reason of nonpayment of principal, interest, and other sums agreed to be paid in a residential mortgage transaction.

(3) "Residential mortgage transaction" means entering into a loan for personal, family, household, or purchase money purposes that is secured by a deed of trust or mortgage on owner-occupied, one-to-four unit, residential real property located in the state of Washington.

[1998 c 255 § 1.]

Sections:  61.10.010  61.10.020  61.10.030  61.10.040  61.10.900  61.10.901  Next

Last modified: April 7, 2009