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Washington Mortgage License |
Having Washington mortgage license is mandatory for home loan brokers and bankers operating in any part of the state. Moreover, any individual or entity involved in lending or selling of home loan products to buyers and borrowers are required to have the mortgage license in order to conduct their business. The Washington Department of Financial Institution is responsible for the licensing process of home loan brokers, bankers and lenders in the state of Washington. It is necessary for the applicants to have a full understanding of all the WA mortgage licensing requirements in order to make an informed approach.
Washington Mortgage Broker License
As per the requirements set by the Department of Financial Institution, applicants seeking WA mortgage broker license are not required to maintain any physical office within the state. There will be in-state and key person licensing in the state of Washington. It is essential for the home loan brokers to provide a surety bond of $20,000 together with an additional bonding for loan officers. However, they are not required to submit minimum net worth in order to get their mortgage license. The state also has loan officer and branch office licensing requirements. The applicants are further required to have a minimum experience of 2 years in the mortgage industry. It is also essential for the brokers to pay a licensing fee of $1,067 to get their license approval. |
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Mortgage Banker Licensing Requirements in Washington
It is not essential for the applicants to maintain physical office to get mortgage banker license in the state of Washington. However, the bankers are required to provide a minimum net worth of $100,000. Moreover, the applicants should maintain a surety bond in amount of $400,000 together with an amount of $100,000 per location. They are also required to pay a licensing fee to the licensing department. Licensed bankers should renew their mortgage license by paying the essential renewal fees. While the state has no licensing requirements for branch office, loan officers are required to get their state license.
The applicants should submit their application along with the licensing fees and the essential documents to the Department of Financial Institution. They can also get some assistance from mortgage licensing companies available on the Internet. Such companies also offer education courses and training programs for the home loan brokers and bankers.
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