The District of Columbia (DC), Department of Insurance, Securities and Banking Division also known as the Division administers through the National Mortgage Licensing System, the licensing of mortgage brokers, mortgage lenders and mortgage dual authority lenders and brokers. The District of Columbia Regulations Title 26-C defines the regulations for mortgage brokers. Mortgage brokers must obtain a license and surety bond prior to offering any mortgage related services. The surety bond ensures compliance of state laws and honest and ethical services to clients.
A surety bond is required based on the total dollar volume of the loans written.
|Total Dollar Volume of Loans||Minimum Bond Required|
|$1,000,000 or less||$12,500 surety bond|
|More than $1,000,000 but less than $2,000,000||$17,500 surety bond|
|More than $2,000,000 but less than $3,000,000||$25,000 surety bond|
|More than $3,000,000||$50,000 surety bond|
The Division may approve a $200,000 blanket surety bond for businesses with multiple locations. Each location will still require an individual application to be submitted for approval.
The premium that you pay for a District of Columbia Mortgage Broker Surety Bond is dependent on credit and the bond amount required. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
The District of Columbia mortgage broker license must be renewed by December 31 each year.
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application