Washington Mortgage Broker Business Bond
Washington Mortgage Broker Business Bond Information
Mortgage Broker Bonds are surety bonds required as part of the licensing process for mortgage professionals in Washington. The penal sum, or amount, is set based on loan volume. New broker license applicants and existing brokers with less than $20 million in annual Washington state loan volume must post a $20,000 bond. Brokers with loan volume of $20 million to $40 million must post a $40,000 bond and brokers with loan volume greater than $40 million must post a $60,000 bond.
The bond guarantees that the bonded party will comply with the rules, regulations and guidelines established by the state of Washington. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
How Much Does a Mortgage Broker Business Bond Cost in Washington?
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What Does a Mortgage Broker Business Bond Protect Against?
The bond ensures that the principal and its mortgage brokers, employees, and loan originators honor all provisions of The Mortgage Broker Practices Act of the State of Washington and all rules established by the Director of the Department of Financial Institutions of the State of Washington. The bond will reimburse up to the full penal sum of the bond all persons who suffer loss by reason of a violation of said Act or rules adopted thereunder.
Other Helpful Information and Links
Mortgage Brokers Licensing and Forms