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Washington Mortgage Broker Business Bond

Washington Mortgage Broker Business Bond

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Who Requires the Mortgage Broker Business Bond and Why Is It Needed?

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 Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Washington Mortgage Broker 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 Does the 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.

List of Washington surety bonds.

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