Washington Mortgage Broker Requirements
Mortgage brokers in the state of Washington are licensed and regulated by the Washington State Department of Financial Institutions.
Applicants seeking a Washington mortgage broker license are not required to maintain a physical office within the state of Washington unless they have less than two years of mortgage lending experience. Applicants must maintain a surety bond ranging from the amounts of $20,000 to $60,000 as determined by the director based on the number of loan officers. Each applicant must pass a written exam that is taken in Olympia, WA.
Licensees must complete a licensing seminar class within the first year of their initial license grant date. This class can be taken from approved online providers.
Washington Mortgage Licensing Fees
The Washington State Department of Financial Institutions charges an initial deposit fee in the amount of $371.60 towards the time spent processing the application.
Loan officers are not required to be licensed in the state of Washington.
For complete assistance on your Washington Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.