Washington Mortgage Broker Bond

Mortgage brokers are required by the Washington State Department of Financial Institutions to obtain a Mortgage Broker Bond with a bond amount of $20,000 as part of the initial licensing process. Existing mortgage brokers will need to maintain a bond in the amount of $20,000, $40,000, or $60,000 depending on the volume of loan originations completed in the preceding calendar year. This bond serves as a form of financial protection for clients and the state to compensate for any financial harm caused by the broker. The NNA has secured a flat rate of $120 for all Washington Brokers.