Notice of Senate Passage for Engrossed Second Substitute Senate Bill 5686 - 10 Year Analysis Complete

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E2SSB 5686, titled AN ACT Relating to expanding and funding the foreclosure mediation program, has been passed by the Senate. The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Fiscal Year		$80 Foreclosure Prevention Fee
2026		$7,120,000
2027		$7,120,000
2028		$7,120,000
2029		$7,120,000
2030		$7,120,000
2031		$7,120,000
2032		$7,120,000
2033		$7,120,000
2034		$7,120,000
2035		$7,120,000
Total:		$71,200,000

Department of Commerce:

Section 8 Amends this chapter to establish the new program fee, the Foreclosure Prevention Fee, to support the Foreclosure Fairness Program under RCW Chapter 61.24. The bill sets the fee at a rate of $80 paid by the borrower for each residential mortgage loan origination. We are estimating 89,000 loan originations per year. 

The escrow, settlement or closing agent processing the loan closing is responsible for collecting the program fee and remitting it into the Foreclosure Fairness Account. This program fee is an additional source of revenue for the Foreclosure Fairness Program on top of the Notice of Default paid by financial institutions currently outlined in RCW 61.24.190. This program fee exempts the collection of the program fee on reverse mortgage loan originations for seniors over the age of 61.

Estimated Revenue = $80 per loan origination x estimated 89,000 originations/year = $7,120,000/year

*Exact revenue is indeterminate because many factors affect the demand for loans.

Ten-year projection prepared in consultation with the following agencies:


The following legislators voted yea:

Senator Steve Conway
Democrat
(360) 786-7656
steve.conway@leg.wa.gov

Senator John Lovick
Democrat
(360) 786-7686
john.lovick@leg.wa.gov

Senator Bob Hasegawa
Democrat
(360) 786-7616
bob.hasegawa@leg.wa.gov

Senator Jamie Pedersen
Democrat
(360) 786-7628
jamie.pedersen@leg.wa.gov

Senator Claudia Kauffman
Democrat
(360) 786-7692
claudia.kauffman@leg.wa.gov

Senator Marko Liias
Democrat
(360) 786-7640
marko.liias@leg.wa.gov

Senator Tina Orwall
Democrat
(360) 786-7664
tina.orwall@leg.wa.gov

Senator Marcus Riccelli
Democrat
(360) 786-7604
marcus.riccelli@leg.wa.gov

Senator Derek Stanford
Democrat
(360) 786-7600
derek.stanford@leg.wa.gov

Senator Drew Hansen
Democrat
(360) 786-7644
drew.hansen@leg.wa.gov

Senator Annette Cleveland
Democrat
(360) 786-7696
annette.cleveland@leg.wa.gov

Senator June Robinson
Democrat
(360) 786-7674
june.robinson@leg.wa.gov

Senator Yasmin Trudeau
Democrat
(360) 786-7652
yasmin.trudeau@leg.wa.gov

Senator Noel Frame
Democrat
(360) 786-7670
noel.frame@leg.wa.gov

Senator Mike Chapman
Democrat
(360) 786-7646
mike.chapman@leg.wa.gov

Senator Lisa Wellman
Democrat
(360) 786-7641
lisa.wellman@leg.wa.gov

Senator Rebecca Saldaña
Democrat
(360) 786-7688
rebecca.saldana@leg.wa.gov

Senator Vandana Slatter
Democrat
(360) 786-7694
vandana.slatter@leg.wa.gov

Senator Javier Valdez
Democrat
(360) 786-7690
javier.valdez@leg.wa.gov

Senator Manka Dhingra
Democrat
(360) 786-7672
manka.dhingra@leg.wa.gov

Senator Jesse Salomon
Democrat
(360) 786-7662
jesse.salomon@leg.wa.gov

Senator Claire Wilson
Democrat
(360) 786-7658
claire.wilson@leg.wa.gov

Senator Sharon Shewmake
Democrat
(360) 786-7682
sharon.shewmake@leg.wa.gov

Senator Liz Lovelett
Democrat
(360) 786-7678
liz.lovelett@leg.wa.gov

Senator T'wina Nobles
Democrat
(360) 786-7654
T'wina.Nobles@leg.wa.gov

Senator Deborah Krishnadasan
Democrat
(360) 786-7650
Deborah.Krishnadasan@leg.wa.gov

Senator Adrian Cortes
Democrat
(360) 786-7634
Adrian.Cortes@leg.wa.gov


The following legislators voted nay:

Senator Mark Schoesler
Republican
(360) 786-7620
mark.schoesler@leg.wa.gov

Senator Jim McCune
Republican
(360) 786-7602
jim.mccune@leg.wa.gov

Senator Phil Fortunato
Republican
(360) 786-7660
phil.fortunato@leg.wa.gov

Senator Shelly Short
Republican
(360) 786-7612
shelly.short@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
judith.warnick@leg.wa.gov

Senator Curtis King
Republican
(360) 786-7626
curtis.king@leg.wa.gov

Senator Paul Harris
Republican
(360) 786-7632
paul.harris@leg.wa.gov

Senator Drew MacEwen
Republican
(360) 786-7668
drew.macewen@leg.wa.gov

Senator Jeff Holy
Republican
(360) 786-7610
jeff.holy@leg.wa.gov

Senator John Braun
Republican
(360) 786-7638
john.braun@leg.wa.gov

Senator Leonard Christian
Republican
(360) 786-7606
leonard.christian@leg.wa.gov

Senator Keith Wagoner
Republican
(360) 786-7676
keith.wagoner@leg.wa.gov

Senator Matt Boehnke
Republican
(360) 786-7614
matt.boehnke@leg.wa.gov

Senator Keith Goehner
Republican
(360) 786-7622
keith.goehner@leg.wa.gov

Senator Chris Gildon
Republican
(360) 786-7648
chris.gildon@leg.wa.gov

Senator Ron Muzzall
Republican
(360) 786-7618
ron.muzzall@leg.wa.gov

Senator Perry Dozier
Republican
(360) 786-7630
Perry.Dozier@leg.wa.gov

Senator Jeff Wilson
Republican
(360) 786-7636
Jeff.Wilson@leg.wa.gov

Senator Nikki Torres
Republican
(360) 786-7684
Nikki.Torres@leg.wa.gov


The following legislators were excused:

Senator Jessica Bateman
Democrat
(360) 786-7642
jessica.bateman@leg.wa.gov

Senator Emily Alvarado
Democrat
(360) 786-7667
Emily.Alvarado@leg.wa.gov



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