Surety Bond to Operate Mortgage Broker Business with Independent Contractors
Mortgage Brokers - Secondary Mortgage Loans Only
Overview
What it is.
Mortgage Brokers - Secondary Mortgage Loans Only
Who usually needs it
Licensed mortgage brokers (individuals or companies acting as mortgage brokers or broker-dealers) operating in Washington State must obtain this bond to operate legally, including those employing independent contractors. This is required as part of their licensing requirements with the Washington Department of Financial Institutions under RCW 19.146.200 and…
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 amountVaries by license type or projectObligeeState of WashingtonBond classLicense BondCategoryOtherBondSurety Bond to Operate Mortgage Broker Business with Independent ContractorsPlain descriptionMortgage Brokers - Secondary Mortgage Loans OnlyWho needs this bondLicensed mortgage brokers (individuals or companies acting as mortgage brokers or broker-dealers) operating in Washington State must obtain this bond to operate legally, including those employing independent contractors…
