Any duty that servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a deed of trust pool, not to any particular parties, and a servicer acts in the best interests of all parties if it agrees to or implements a modification or workout plan when both of the following apply:

1. (1) The deed of trust is in payment default, or payment default is reasonably imminent; and
2. (2) Anticipated recovery under a modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.

[ 2011 c 58 s 13.]

Notes:

Findings—Intent—Short title—2011 c 58: See notes following RCW 61.24.005.