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Washington Consumer Loan Business or Residential Loan Servicing Business Bond

Washington Consumer Loan Business or Residential Loan Servicing Business Bond

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Who Requires the Consumer Loan Business or Residential Loan Servicing Business Bond and Why Is It Needed?

Tablet. Loan Services or Broker Bond for those who broker loans or provide other loan services.

Consumer loan businesses in Washington must post surety bonds in order to legally conduct business as required by the Department of Financial Institutions of the State of Washington. The surety bond ensures lawful business practices and compliance with jurisdictional rules and regulations. The surety bond amount is $30,000 for applicants who only service Washington loans. The surety bond is $100,000 for applicants with no prior loan origination in Washington and the bond amount or ranges from $30,000 to $150,000 based on the consumer loan business's prior year loan origination volume in Washington. The Surety Bond to Operate Residential Loan Servicing Business is for those only servicing Washington residential mortgage loans. The Surety Bond to Operate Consumer Loan Business is for those offering mortgage or non-mortgage loans.

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Washington Consumer Loan Business or Residential Loan Servicing Business Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What is Needed to Obtain My License or Registration?

A Washington Consumer Loan Company license is required if you plan to offer mortgage or non-mortgage loans in Washington State. Your company needs this license if you service Washington residential mortgage loans. The license authorizes lending, funding, brokering, loan origination services, or servicing to Washington State citizens or for Washington State property. Before the Washington State Department of Financial Institutions, Division of Consumer Services will accept a Consumer Loan license application, the following steps must be taken:

  • Furnish a Surety Bond as described above
  • Establish Loan Originator relationships
  • Submit Fingerprint Cards
  • Answer Disclosure Questions

Note that each branch must be separately licensed




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