Are you planning to take a mortgage loan in Washington? The information on mortgages in the state as provided here will enlighten you on the facts and general features, laws etc. of the state?s mortgage industry. Certainly, you will be receiving the much needed guidelines to make up your mind and proceed in the right direction.

In Washington, the laws relating to mortgages are mainly governed by Federal laws. The mortgages are regulated by federal or state law or agencies.

• The mortgage brokers in Washington must possess a license. Unlicensed brokers are not eligible to conduct even a single mortgage loan transaction activity.
  
  
• Applicants for Mortgage Broker - those who wish to become mortgage brokers in Washington have to furnish a Surety Bond (of $20, 000 or above up to $60,000 - determined by the Director). Instead of the Surety Bond an irrevocable letter of credit may be produced. The fingerprints of the applicant are also to be provided along with the Surety Bond or irrevocable letter of credit to the Federal Bureau of Investigation. The applicants having a poor credit history are generally rejected. The state thoroughly investigates on the background of the applicant. Upon being licensed an annual payment of $530.86 is to be paid by the mortgage broker.
  
  
• Licensed Mortgage Brokers have to maintain a physical presence in Washington or within 30 miles of the borders of the state. However, this can be dispensed with if the applicant has a minimum of 2 years experience or meets certain educational requirements and has been successful in some specified written examination.
  
  
• In the state only non-judicial foreclosure is available. The lenders can foreclose on deeds of trust in case of default by using the non-judicial foreclosure process
  
  When a ''power of sale'' clause is there in the mortgage/deed of trust then the non-judicial foreclosure process is used. By this clause the borrower pre-authorizes sale of the property in order to pay the balance on the loan in the case of default. In mortgages/deeds of trust where there is this clause the power to sell the property as held by the lender may be executed either by the lender or by the trustee- the representative of the lender. The ''Power of Sale Foreclosure Guidelines'' provides outlines for this kind of foreclosure process.
  
  Power of Sale Foreclosure Guidelines: The specified procedure has to be followed in case the deed of trust/mortgage has a power of sale clause and it specifies the time, place and terms of sale.
  
  In case the terms of sale have not been established in the deed of trust/mortgage then the lender or the trustee has to obtain a court order which specifies the terms of the sale.
  
  It may be noted, however, that no foreclosure can take place if the lender does not give written notice by certified mail with request of return receipt to the borrower at his last known address. The notice has also to be sent to the Mayor, District of Columbia/ the designated agent of the Mayor. The notices have to be sent to these two places at least 30 days before the sale (the 30 day period starting on the day the Mayor receives the notice).This notice has to be produced in addition to any `notice(s) set forth by the court, the mortgage or the deed of trust.
  
  Lenders in Washington D.C. can obtain a deficiency judgment against the borrower for difference between foreclosure sale amount and amount remaining on the original loan. The borrower does not possess any rights of redemption.
  
  
• The Federal law in Washington provides protection against any sort of discrimination to every home buyer looking for a mortgage loan. The Equal Credit Opportunity Act (ECOA) of Washington mortgage law prohibits discrimination in any aspect of a credit transaction based on race or color, religion, national origin, sex. marital status, age (provided the applicant has the capacity to contract) and the applicant's receipt of income derived from any public assistance program.