Seattle, Washington-based Washington Mutual (WaMu) a new lending standard for mortgage brokers this week, which requires brokers working with the company to educate borrowers on every component of their WaMu mortgage loans.

WaMu also plans to call every borrower prior to a loan’s closing in order to review the specific terms of the loan with the borrowers directly.
“We believe our mortgage broker standard and direct call program should become the new industry benchmark for brokers and lenders across the nation,” said Kerry Killinger, WaMu chairman and chief executive officer. “By adopting these standards, together we can increase consumer knowledge of the home loan process and bring about positive, meaningful change to the mortgage industry.”
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