In the District of Columbia, all mortgage brokers and mortgage lenders must be licensed at the district level . The mortgage licenses are regulated by the DC Department of Insurance, Securities and Banking (DISB).
The mortgage license application process is handled by the Nationwide Mortgage Licensing System (NMLS). The NMLS system helps mortgage companies and individuals apply, update, or renew a license online.
Types of Mortgage Licenses in DC
The District of Columbia has three major district license types: Company, Branch, and Individual. Each license type depends on the work you perform. The mortgage licenses are generally subdivided into three categories: Mortgage Broker, Mortgage Dual Authority, and Mortgage Lender.
In this guide, we’ll cover the most common license types only. You can review the full list on the NMLS website.
Most Common Company Licenses
- Mortgage Broker License - allows the licensees to accept mortgage loan applications, solicit mortgage loans, and negotiate the terms of mortgage loans.
- Mortgage Dual Authority License - permits mortgage lending and brokering for residential properties within the state.
- Mortgage Lender License - allows making mortgage loans, servicing, or collecting loan payments from borrowers.
District of Columbia State Requirements
All DC mortgage license applications must be submitted through NMLS. Company applicants, unless sole-proprietors, must be registered with the District Department of Consumer and Regulatory Affairs (DCRA) prior to conducting business in DC and submitting the application.
Please also note that if you have previously conducted any mortgage brokering or lending activity within DC, you are required to send a detailed explanation (e.g. transactions and their dollar volume) directly to DISB at [email protected].
For assistance with the license requirements please contact DISB’s licensing staff at (202) 727-8000 or bankingbu[email protected].
For NMLS-related questions, you may get in touch with NMLS call center at ( 855) 665-7123.
Education and Exams
Passing an exam is obligatory for some, but not all license types. In order to get a DC Mortgage Broker, Mortgage Dual Authority, or Mortgage Lender license you don’t need to complete a pre-license course or pass a test.
DC Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Broker, Mortgage Dual Authority, and Mortgage Lender License - All mortgage company license applicants are required to furnish a surety bond in an amount based on the total volume of loans in the previous year.
- $12,500 surety bond for total volume of loans of $1,000,000 or less.
- $17,500 surety bond for total volume between $1,000,000 - $2,000,000.
- $25,000 surety bond for total volume between $2,000,000 - $3,000,000.
- $50,000 surety bond for total volume exceeding $3,000,000.
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Fees for Company Licenses
The fees must be submitted through NMLS and are not refundable or transferrable. The NMLS processing fee is included in the total license cost.
- Mortgage Broker License
- $1,200 total license costs.
- Mortgage Dual Authority License
- $1,400 total license costs.
- Mortgage Lender License
- $1,300 total license costs.