Washington Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Washington are regulated by the Washington State Department of Financial Institutions. Mortgage Broker is defined by the state as anyone who will receive financial compensation for helping someone obtain a loan or assist in the process of securing a loan for property purchase. Even if you are doing a single loan in Washington you must be licensed. You must take a pre-licensing education course and have completed the required pre-licensing examination prior to being granted a license in the state.

Washington has a $20,000 to $60,000 Surety Bond requirement. The amount of required bonding is determined by the Director and is based on the number of loan originators under the main license. Mortgage Brokers must have a physical location with 30 miles of the state borders. This physical location requirement could be waived with the permission of the Director but must accompany a minimum of two years experience, and meets the education and exam requirements of the state.

As of July 1st, 2008 Washington has joined the Nationwide Mortgage Licensing System (NMLS) and only will accept online applications through their program.

Bad Credit Washington Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Washington License Requirements

Age: No Requirement

State Residency: No Requirement

Experience: Mortgage industry background

Education: Pre-licesning course work

Continuing Education: 3 state approved courses annually

Net Worth: No Requirement

Surety Bond: $20,000 to $60,000

Free Surety Bond Quote

Background Check: Credit and criminal background checks

Washington State Licensing Fees

Initial Application: $471

Branch Location: $205

Branch Offices:

In State Requirements: 30 miles within state boundary lines unless experience requirements are met

Licensure Requirements: Each office must be licensed

Exemptions:

Entities: Each office must be licensed

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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