Washington D.C. Mortgage Lender, Broker or Dual Authority Bond
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What Are the Washington D.C. Mortgage Bond Requirements?
Mortgage professionals in Washington D.C. are required to purchase a surety bond to apply for a new or renewed state license.
For mortgage brokers, lenders and dual authorities in Washington D.C., the state requires the following bond coverage based on annual loan volume:
- Under $1M: $12,500 bond
- $1M–$2M: $17,500 bond
- $2M–$3M: $25,000 bond
- Over $3M: $50,000 bond
Confirm your necessary bond coverage before applying.
How Much Do Washington D.C. Mortgage Broker or Lender Bonds Cost?
Mortgage license bond costs vary based on credit score and the bond amount. Washington D.C. mortgage broker bond premiums start as low as $100 and lender or dual authority bonds start at $125.
Qualified applicants can expect to pay a 0.75%–3% rate of their total bond coverage. Some bonds are eligible for a 25% multi-year discount as well as premium financing plans. Apply now to get your free quote.
If you work as a mortgage professional in other states, we offer mortgage industry license bonds nationwide. We also issue bonds for money transmitters, lenders and cash checkers in D.C.
How Does a Washington D.C. Mortgage Broker or Lender Bond Work?
A Washington D.C. mortgage lender bond binds three parties in a legal contract:
- Principal: The mortgage professional purchasing the bond
- Surety: The provider issuing the bond to the principal
- Obligee: The Department of Insurance, Securities and Banking (DISB)
If a bonded mortgage professional breaks the contract terms, harmed parties can file a claim to recover damages. The surety company will pay out valid claims up to the full bond amount, which the mortgage professional would need to reimburse.
How Do I Renew My Bond?
Washington D.C. mortgage broker, servicer or dual authority bonds remain continuous until canceled. A SuretyBonds.com representative will contact you with renewal instructions and an invoice to keep your bond active before your term ends.
To cancel a bond, the principal or surety must send 30-day’s written notice to the obligee.
How Do I Get a Mortgage Broker or Lender Bond in Washington D.C.?
With SuretyBonds.com, you can get your Washington D.C. mortgage bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
That’s it! We’ll upload the bond directly to the NMLS on your behalf and email you a copy for your records.
What Is a Washington D.C. Mortgage License Bond?
Washington D.C. mortgage broker and servicer bonds are required by the DISB as part of the licensing process. By posting this surety bond, mortgage professionals promise to follow applicable laws and regulations.
With SuretyBonds.com, you can get your Washington D.C. mortgage bond in just four easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Sign your documents with DocuSign
- Checkout on our secure, online portal
That’s it! We’ll upload the bond directly to the NMLS on your behalf and email you a copy for your records.
What Is a Washington D.C. Mortgage License Bond?
Washington D.C. mortgage broker and servicer bonds are required by the DISB as part of the licensing process. By posting this surety bond, mortgage professionals promise to follow applicable laws and regulations.
How to Become a Licensed Mortgage Professional in Washington D.C.?
Mortgage professionals in Washington D.C. must be licensed and bonded with the DISB. Use the NMLS checklists below to complete all the requirements for the mortgage license you need:
- NMLS: D.C. Mortgage Broker License Application Checklist
- NMLS: D.C. Mortgage Lender License Application Checklist
- NMLS: D.C. Mortgage Dual Authority License Application Checklist
Take the first step by applying for your surety bond today!
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