WA SB5831

Adopts the Uniform Mortgage Modification Act as a new chapter in Title 61 RCW, establishing standardized rules for modifying mortgage agreements in Washington State

Preserves mortgage priority (lien position) for qualifying modifications without requiring re-recording, including maturity date extensions up to 6 years, interest rate decreases, capitalization of unpaid amounts, and loan forbearance or forgiveness

Clarifies that qualifying modifications do not constitute a novation (creation of a new obligation), meaning the original mortgage continues to secure the modified debt

Excludes from coverage modifications involving property releases/additions, obligor changes, and mortgage assignments or transfers

Applies to modifications made after the effective date regardless of when the original mortgage was created, and promotes uniformity with other states adopting the same model act