Washington Mortgage Broker Bond

Washington Mortgage Broker Bond

Washington Mortgage Broker Bond 


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What is an Washington Mortgage Broker Bond? 

Washington Mortgage Broker Bonds are required by Washington’s Department of Financial Institutions to obtain your Mortgage Broker license. The Washington Mortgage Broker Bond amount is set at $20,000. This License is required for of any company (including sole proprietorship) that for compensation or gain, or in the expectation of compensation or gain: (a) assists a person in obtaining or applying to obtain a residential mortgage loan or (b) holds itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan.


The State requires a Mortgage Broker bond for :  

$0 to $20,000,000 will require a minimum $20,000 surety bond

$20,000,001 to $40,000,000 will require a minimum $40,000 surety bond

Any loan volume over $40,000,000 will require a minimum $60,000 surety bond

 

Different parts of a bond:


 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.


Try our 100%  Secure Mortgage Broker Bond Online Application to get the Lowest Mortgage Broker bond rates in all 50 States.



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You can buy your Washington Mortgage Broker Bond (Apply) online immediately


 Washington Mortgage Broker Bond Information and Requirements:


$0 to $20,000,000 will require a minimum $20,000 surety bond

$20,000,001 to $40,000,000 will require a minimum $40,000 surety bond

Any loan volume over $40,000,000 will require a minimum $60,000 surety bond


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