All mortgage broker licensees and applicants in the state of Washington. Required when: Application for a mortgage broker license or annual adjustment based on loan volume. Exemptions: Exemptions include banks, trust companies, savings and loan associations, credit unions, insurance companies, and attorneys as specifi…
Overview
What it is.
All mortgage broker licensees and applicants in the state of Washington. Required when: Application for a mortgage broker license or annual adjustment based on loan volume. Exemptions: Exemptions include banks, trust companies, savings and loan associations, credit unions, insurance companies, and attorneys as specifi…
Who usually needs it
All mortgage broker licensees and applicants in the state of Washington.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateWABond amountThe bond amount is determined by the annual loan origination volume in Washingt…Term lengthContinuousObligeeWashington State Department of Financial Institutions, Division of Consumer ServicesRenewalLicensees must determine their required bond amount annually after filing the Q4 Mortgage Call Report (due February 14) and deliver a bond rider adjusting the amount through NMLS by March 31.Bond classLicense BondCategoryFinancial ServicesBondMortgage Broker Surety BondStatutory referenceRCW 19.146.205(6)(a)JurisdictionState
