Washington Mortgage Broker Bond
Cost of Washington Mortgage Broker Bond
| MLO Loan Volume | Bond Amount Required | Annual Premium |
| $0- $20,000,000 | $20,000 | $120 |
| $20,000,001- $40,000,000 | $40,000 | $240 |
| $40,000,000+ | $60,000 | $360 |
All Mortgage Broker licensees are required to have an Electronic Surety Bond (ESB) on file. All new applicants must obtain a bond in the amount of $20,000. Renewing applicants must obtain a bond in the amount as determined annually by loan origination volume in Washington, according to the table.
Bond Details
- Washington Mortgage Broker Bond – $20,000 bond – $120 per year
- Washington Mortgage Broker Bond – $40,000 bond – $240 per year
- Washington Mortgage Broker Bond – $60,000 bond – $360 per year
Overview
The Washington State Department requires mortgage brokers of Financial Institutions to obtain a mortgage broker bond 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.