SB5109 increases a deed of trust surcharge to $5, with funds going to a mortgage fraud prosecution account.

SB5109 amends the Washington Revised Code to increase the surcharge on deeds of trust from $1 to $5. This surcharge is in addition to any other charges authorized by law. The county auditor retains up to 5% of these funds for administrative costs, with the remainder deposited into the mortgage lending fraud prosecution account. The Department of Financial Institutions, in consultation with the Attorney General and local prosecutors, will develop rules for using these funds to prosecute mortgage lending fraud.

SB5109 increases a deed of trust surcharge to $5, with funds going to a mortgage fraud prosecution account.

SB5109 amends the Washington Revised Code to increase the surcharge on deeds of trust from $1 to $5. This surcharge is in addition to any other charges authorized by law. The county auditor retains up to 5% of these funds for administrative costs, with the remainder deposited into the mortgage lending fraud prosecution account. The Department of Financial Institutions, in consultation with the Attorney General and local prosecutors, will develop rules for using these funds to prosecute mortgage lending fraud.