Mortgage Broker Licensing

DFI uses the Nationwide Mortgage Licensing System (NMLS) to manage all Mortgage Broker licenses. All applications and changes to a Mortgage Broker license must be made through the NMLS.

Application Requirements

  • Surety Bond
    New applicants must have a $20,000 surety bond, using the correct form (one covers employees only, one covers employees and Independent Contractors)
  • Company Registration in Washington
    The company must register with the Washington Secretary of State and Business License Services
  • Trust Accounting
    The company must determine whether or not it must maintain a trust account and complete the correct form
  • Designated Broker
    The company must appoint a Designated Broker who meets the experience and testing requirements
  • Fingerprints
    Have each control person in the company get fingerprinted, unless the control person already holds a MLO license in Washington
  • Mortgage Broker Application- Cost $1,001 (including $100 NMLS System Fee)
    Complete and submit through the NMLS a Mortgage Broker Application (Form MU1 and attached MU2 for control people)

Steps to Apply for a Washington Mortgage Broker License

  1. Gather all items listed on the New Application Checklist
    If you do not have the items listed on the application checklist before applying, the processing of your application will be delayed and you risk your application being abandoned.
  2. Apply for Washington Mortgage Broker License Through the NMLS
    Complete and submit your application through the NMLS, including paying the licensing fee. You should also submit sponsorship requests for any MLOs who will be working in Washington at the same time. Additionally, if you are going to apply for branch licenses, you should also apply for those at the same time.
  3. Within 5 business days of applying for a Washington Mortgage Broker License, you must:

    Mail the Mortgage Broker and Designated Broker New Application Checklist And All Attachments To DFI

    Mortgage Broker New Application Checklist
    Designated Broker New Application Checklist

Resources

Mailing the Requirements to DFI

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