Mortgage Brokers Surety Bond Requirements

All Mortgage Broker 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 the Mortgage Broker Practices Act.

How to Determine Bond Amount

For Mortgage Broker License Applicants

$20,000*

* Applicants who held a Washington license in the previous calendar year may use loan volume from that year to determine bond amount

For Current Mortgage Broker Licensees

Adjust bond amount in conjunction with filing the Q4 Mortgage Call Report (due February 14)

Once licensees determine prior year loan volume for Washington State, use the tables below to determine bond amount:

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

Surety Bond Forms

Below are surety bond forms which DFI is using for 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.

Mortgage Broker Surety Bond Form
Mortgage Broker Surety Bond Form - Business With Independent Contractors

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