This surety bond is required under the Revised Code of Washington Section 19.146. The bond’s amount depends on the average amount of mortgage loan volume serviced in a year and the state in which business is done. The minimum bond amount is generally between $10,000 and $50,000. Mortgage Lender Bonds protect customers against dishonest lending practices, including:
• Knowingly approving the borrower for a loan for more than they can afford to repay
• Encouraging the buyer to use fraud during the application process
• Pressuring buyers into specific loan products, including high-risk loans or loans with higher interest rates
• Establishing an interest rate on the basis of anything other than the borrower’s credit history
• Charging additional or unnecessary fees
• Deliberately targeting at-risk buyers and suggesting cash-out refinance
In order to determine the cost of your bond, simply complete our easy online application.
To Get a Washington Mortgage Broker Surety Bond:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.