Washington State Department of Financial Institutions

Mortgage Broker and Consumer Loan Surety Bond Requirements

All Mortgage Broker and Consumer Loan licensees are required to have a surety bond on file. The amount of the bond is determined annual by loan origination volume in Washington. See the tables below for the bonding amounts under both the Mortgage Broker Practices Act (MBPA) and the Consumer Loan Act (CLA).

Mortgage Broker
Licensees:

Loan Volume
in Millions
Bond
Amount
$0-$20 $20,000
$20-$40 $40,000
$40+ $60,000

Consumer Loan
Licensees:

Loan Volume
in Millions
Bond
Amount
$0-$20 $30,000
$20-$40 $50,000
$40-50 $100,000
$50+ $150,000

Consumer Loan Licensees-Servicers Only:

Loan Principal
in Millions
Bond
Amount
$0-$50 $30,000
$50+ $50,000

How to Determine My Bond Amount

For Current Licensees

Gather your total annual loan origination volume for the prior year and use the above chart to determine your required bond amount. Licensees should adjust bond amount once a year in conjunction with filing the Consumer Loan Assessment (due March 1) or the Q4 Mortgage Call Report (due February 14) for Mortgage Brokers.

For Applicants

Mortgage Broker Applicants Consumer Loan Applicants
Either prior year’s loan origination volume in Washington or $20,000. Either prior year’s loan origination volume in Washington or $100,000.

Surety Bond Forms

Below are new surety bond forms which DFI is using for both Mortgage Broker and Consumer Loan licensees. All forms require the company’s Washington Unified Business Identification (UBI) number and Unique NMLS number, so be sure to provide those two numbers to your bonding agent.


Frequently Asked Questions

When can I adjust my bond amount?
Mortgage Broker and Consumer Loan licensees may only adjust their bond amount once a year. For Consumer Loan licensees, you must determine the correct bond amount and deliver proof of having adequate bonding along with your annual assessment report by March 1st of each year. For Mortgage Broker Licensees, you must determine the correct bond amount and deliver proof of having adequate bonding along with your Q4 Mortgage Call Report.

How do I increase or decrease my bond amount?
Contact the insurance company which issued your bond. In most cases, they will issue a bond rider which either increases or decreases the amount of your bond. Send the original bond rider to DFI along with your annual report.

Where do I send my increased or decreased bond or bond rider?
Please send the original bond or bond rider directly to DFI at one of the addresses below.

For U.S. Postal Service:
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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