Washington Mortgage Broker Bond
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What Is a Washington Mortgage Broker Bond?
The state of Washington requires mortgage broker dealers and brokerage companies to get a surety bond to ensure they will conduct business lawfully and ethically. The bond financially protects clients if their broker commits fraud or misuses their power.
How Much Do Washington Mortgage Broker Bonds Cost?
Mortgage business bond amounts range from $20,000 to $60,000 in Washington. The coverage you need will depend on the previous year’s loan volume. Premiums typically cost 0.67–1.5% of the bond amount, but can vary based on your credit.
Washington requires $100,000 mortgage broker-dealer bonds, and premiums start at $670. You can save 25% on select bonds by choosing a multi-year term at checkout. Select the bond you need below to get a free quote:
We work with the nation’s top surety providers to find the lowest pricing with no added fees. If low credit adversely impacts your rate, you may be eligible for premium financing.
Who Needs a Mortgage Broker Bond?
All mortgage brokers in the state of Washington must file a surety bond in order to operate. If you work as a mortgage broker in other states, we offer mortgage industry license bonds nationwide.
How Do I Get a Mortgage Broker Bond in Washington?
Choosing SuretyBonds.com is the quickest and easiest way to get your Washington mortgage broker bond. Just follow these three steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote
- Step 3: Pay for your invoice online or over the phone
If you purchase a mortgage broker business bond, we’ll file your official bond directly with the NMLS and provide an email copy for your records.
If you purchase a mortgage broker-dealer bond, we’ll mail your original bond form. You must then sign and mail it to the DFI Securities Division.
How Do Washington Mortgage Broker Bonds Work?
A Washington mortgage broker bond is an agreement between three parties:
- Principal: The mortgage broker dealer or business purchasing the bond
- Surety: The surety company issuing the bond
- Obligee: The Washington Department of Financial Institutions (DFI)
These bonds require annual renewal. We’ll contact you during the renewal period to ensure you maintain active coverage. To cancel the bond, the principal or surety must send 30-day’s written notice to the obligee.
How Do I Change Information On My Bond Form?
If you need to update basic information or the amount on your bond form, you must submit a change request. Gather the answers to these questions:
- Has the bond been filed?
- What is the exact change needed?
- Have you spoken with the obligee to verify if they have any specific instructions regarding the change?
- Is the obligee requiring a new bond, or will they accept a change "rider" document?
- When does the change need to go into effect?
Then, email [email protected]. One of our representatives will happily help approve and issue your bond updates with a rider form.
How to Become a Licensed Mortgage Broker Business in Washington
To become licensed as a mortgage broker business with the Washington Department of Financial Services, follow these four steps:
- Purchase and file a surety bond
- Submit basic information and background check in NMLS
- Upload required documents as PDFs in NMLS
- Mail original documents to the Washington DFI
View the NMLS Washington Mortgage Broker License New Application Checklist for detailed fee information and submission instructions.
How to Become a Licensed Mortgage Broker-Dealer in Washington
To become a licensed mortgage broker-dealer in Washington, you must register with the Washington DFI Securities Division. Visit this application process hub to complete the necessary forms and testing.
More Resources
- Tips to Expedite a Mortgage Broker Application
- Application for Broker-Dealer Registration in Washington
- Washington State Department of Financial Institutions: Mortgage Brokers Licensing and Forms
- Washington Code: Chapter 460-33A-040 Net Worth or Bond Requirement
- Washington State Department of Financial Institutions: Mortgage Brokers Licensing and Forms
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
