Establishes the Uniform Mortgage Modification Act in Washington to standardize mortgage modifications.

The Uniform Mortgage Modification Act standardizes mortgage modifications in Washington. It applies to modifications of mortgages, agreements creating obligations, and other security or credit enhancements. The act ensures that mortgage modifications continue to secure the obligation, maintain priority, and are not considered novations. It does not affect certain laws or modifications, such as those related to maturity dates, interest rates, or financial covenants.

Establishes the Uniform Mortgage Modification Act in Washington to standardize mortgage modifications.

The Uniform Mortgage Modification Act standardizes mortgage modifications in Washington. It applies to modifications of mortgages, agreements creating obligations, and other security or credit enhancements. The act ensures that mortgage modifications continue to secure the obligation, maintain priority, and are not considered novations. It does not affect certain laws or modifications, such as those related to maturity dates, interest rates, or financial covenants.