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Washington Mortgage Broker Bond

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 following table:

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

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.