Washington § 31.04.300 - Residential mortgage loan servicer — Liquidity, operating reserves, tangible net worth requirements.

Full text of Washington Revised Code of Washington § 31.04.300 — Residential mortgage loan servicer — Liquidity, operating reserves, tangible net worth requirements., with citation guidance and answers to common questions.

§ 31.04.300. Residential mortgage loan servicer — Liquidity, operating reserves, tangible net worth requirements.

(1) A residential mortgage loan servicer licensee must maintain liquidity, operating reserves, and a tangible net worth in accordance with generally accepted accounting principles as determined by the director. The director may adopt rules to interpret this subsection.
(2) A residential mortgage loan servicer that is a Fannie Mae or Freddie Mac-approved servicer meets the requirements of subsection (1) of this section if the liquidity, operating reserves, and tangible net worth each meet the standards of the government-sponsored enterprise for which they are approved. For loans serviced that would not otherwise be subject to the liquidity, operating reserves, and tangible net worth requirements of Fannie Mae or Freddie Mac, the residential mortgage loan servicer must maintain liquidity, operating reserves, and tangible net worth consistent with the highest standards of the government-sponsored entity or entities for which they are approved.
(3) If a licensee's liquidity, operating reserves, or tangible net worth fall below the amount required under subsection (1) or (2) of this section, the director or the director's designee may initiate an action.
[ 2015 c 229 s 25.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 31.04.300

What does Revised Code of Washington § 31.04.300 cover?

Section 31.04.300 ("Residential mortgage loan servicer — Liquidity, operating reserves, tangible net worth requirements.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 31.04.300?

A common citation format is "Revised Code of Washington § 31.04.300" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 31.04.300 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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