RCW 82.04.29005: Tax on loan interest—High volume mortgage lender.

(1) Amounts received as interest on loans originated by a high volume mortgage lender, or an affiliate of such person, and primarily secured by first mortgages or trust deeds on nontransient residential properties are subject to tax under RCW 82.04.290(2)(a).

(2) For the purposes of this section, a person is a high volume mortgage lender if:

(a) The person is a specified financial institution as defined in RCW 82.04.29004; or

(b) The person has an annual closed mortgage origination volume of at least $10,000,000,000 reported under the federal home mortgage disclosure act in the previous calendar year.

(3) For purposes of this section:

(a) "Affiliate" means a person is affiliated with another person, and "affiliated" has the same meaning as in RCW 82.04.645; and

(b) "Interest" has the same meaning as in RCW 82.04.4292 and also includes servicing fees described in RCW 82.04.4292(4).