Washington Mortgage Broker Surety Bonds
The Washington State Department of Financial Institutions, Division of Consumer Services oversee the licensing of Mortgage Brokers and Loan Originators through the National Mortgage Licensing System (NMLS). A license and surety bond is required prior to providing any mortgage related services. The surety bond guarantees compliance of state laws and honest and ethical performance of duties.
Surety Bond and License Requirements:
- Complete the application in the National Mortgage Licensing System (NMLS) and pay the applicable fees. Mail any required attachments to the Washington Department of Financial Institutions.
- Register with Washington's Secretary of State and Business License Services.
- Set up a trust account if holding funds for clients.
- Each person in control of the business will need to be fingerprinted (unless the control person already is a licensed mortgage originator) and be able to pass a criminal background check.
- Applicants are required to obtain a minimum $20,000 surety bond for the initial year of business. Thereafter, the surety bond amount will range from $20,000 to $60,000 based on the volume of loans originated in Washington. The legal business name on the application must match exactly the legal business name on the surety bond. The surety bond will be uploaded electronically upon completion into the National Mortgage Licensing System (NMLS) ESB system.
- Provide copies of the following: business plan, management chart, and organizational chart, a list of the company personnel and how they are paid.
- Applicants applying for designated broker will need to have passed the Designated Broker test and have at least two years of experience in the mortgage industry.
- If any of the disclosure questions have been answered "yes," provide an explanation for each answer and any back-up information to support the response.
How Much Will a Washington Mortgage Broker Bond Cost?
The premium that you pay for a Washington Mortgage Broker License Surety Bond is based 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.
Related Links:NMLS Washington Mortgage Broker LicenseWashington Mortgage Broker Licensing Information
More Surety Bond Questions?
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.
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