Washington Mortgage Broker Bond

To get a mortgage license in Washington, you need a mortgage broker bond. The amount depends on your business. You file it through NMLS for the Washington DFI. It protects your borrowers.

Bond Amount
$60,000
Typical Premium
$600–$3,000/yr
Term
1 Year
Required By
Washington Dept. of Financial Institutions (DFI)
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What Is the Washington Mortgage Broker Bond?

A Washington mortgage broker bond is a money guarantee. It protects mortgage borrowers and the state, not you. If you wrong a borrower, they can claim against it. The surety pays, then you pay the surety back.

How much bond you need in Washington:

Who Needs This Bond in Washington?

How to Get Bonded — Step by Step

  1. Start your NMLS application for your Washington mortgage license.
  2. Buy your mortgage broker bond here. We match you with a strong surety.
  3. File the bond through NMLS for the Washington DFI.
  4. Once approved, get licensed and start lending.

Renewal & Continuous Bond Coverage

Your Washington mortgage license renews yearly in NMLS (by December 31). Keep the bond current. If you crossed into a new amount tier, raise the bond first.

Frequently Asked Questions

Does my bond change as I grow?

Yes. The amount goes up with your loan volume. You update it in NMLS when you cross into a new tier.

Does the Washington bond protect me?

No. The bond protects your customers and the state, not you. If a claim is paid, you repay the surety. The bond is not your own insurance.

How fast can I get bonded in Washington?

Most quotes come back fast, often within a day. Many bonds are issued the same day for good credit.

How much does the bond cost?

You pay a yearly premium — a small percent of the bond amount. Good credit means a lower rate.

How a Surety Bond Works

A mortgage broker bond is a type of surety bond. The picture below shows the three parties and what happens if someone files a claim.

Diagram of how a surety bond works: the obligee requires the bond, the principal applies and signs an indemnity agreement, and the surety issues the bond; if the principal fails, the obligee files a claim, the surety investigates and may pay, and the principal reimburses the surety.

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This Mortgage Broker Bond in other states
California · Colorado · Florida · Georgia · Illinois · Maryland · Minnesota · New Jersey · Ohio · Pennsylvania · Texas
Other Washington surety bonds
Collection Agency Bond · Contractor Registration Bond · Motor Vehicle Dealer Bond · Notary Public Bond

Related: All Washington surety bonds · What is a surety bond? · How surety bond costs are calculated

Underwriting Disclosure. All surety bond applications are subject to underwriting review and approval by the issuing surety company. Quoted premiums are estimates only; final pricing is determined by individual underwriting factors, which may include personal and business credit history, financial statements, industry experience, and claims history. Many bonds qualify for instant online approval, while others may require additional documentation, financial review, or indemnitor signatures prior to issuance. SuretyBondly makes no representation, warranty, or guarantee of approval, eligibility, premium amount, bond form, or issuance timing. Bond amounts, forms, and requirements are governed by the applicable obligee and statutory authority and may change without notice. Information provided on this page is for general informational purposes only and does not constitute legal, financial, or tax advice.