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Become A Mortgage Broker In District Of Columbia
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of District Of Columbia or anyone looking to become a mortgage broker in District Of Columbia.
In the District of Columbia, Washington D.C., the Department of Insurance, Securities and Banking (DISB), handles all aspects of the licensing laws and regulations when you become a Mortgage Broker.
Within the DISB, the ‘Safety and Soundness – Non-Depository Division’ regulates Mortgage Brokers and protects consumers from potentially unfair practices by using examinations and investigations.
When applying for a Mortgage Broker License in the District of Columbia, applicants pay a $100 investigation fee, a $500 licensing fee, and a $500 non-refundable application fee (a total of $1,100). A continuous Surety Bond is required, ranging from $12,500 to $50,000, based on the volume amount of loans.
Applicants desiring to become a Mortgage Broker in the District of Columbia also provide thorough information to be used for their background check, plus a Personal Financial Report and biographical information. Applicants must provide certification from a depository institution showing at least $10,000 on deposit or in an established line of credit.
Mortgage Brokers in the District of Columbia do not have an affiliate association with The National Association of Mortgage Brokers (NAMB), www.namb.org.
