Bond amounts for mortgage brokers are changing in Washington state.
A new method for determining bond amounts for mortgage brokers and consumer loan licenses will take effect January 1. The requirements will now be determined by annual loan origination volume.
For mortgage brokers, the bond amounts range from $30,000 to $60,000. Bonding for those seeking consumer loan licenses varies from $30,000 to $150,000.
The Washington State Department of Financial Institutions has a bond calculator on its website that can help applicants or renewing licensees determine their bond amount.
All new applicants for mortgage broker or consumer loan licenses will be required to secure bonding under the new regulation.
Those who already possess licenses and need to increase their bond amount are required to do so before January 1. If you have a license and can actually lower your bond amount, the process begins on or after January 1. In most cases, license holders can receive a rider from their bond issuer that either increases or decreases the amount.
Licensees can send their increased or decreased bond rider to the state along with a printout of their results from the state’s bond calculator.
The regular mailing address is:
Department of Financial Institutions
Division of Consumer Services
PO Box 41200
Olympia WA 98504-1200
For Overnight Delivery:
Department of Financial Institutions
Division of Consumer Services
150 Israel Rd SW
Tumwater WA 98501
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