Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Washington or anyone looking to become a mortgage broker in Washington.
The Washington State Department of Financial Institutions,
www.dfi.wa.gov, oversees the regulating of those with a Mortgage Broker career in Washington. See
http://www.dfi.wa.gov/cs/mortgage.htm. A Mortgage Broker means anyone who expects to receive compensation while assisting a person in obtaining or applying for a residential mortgage loan. The term also applies to those who hold themselves out as being able to assist in the process. The brokering of even one loan in Washington requires a license.
Those who want to
become a Mortgage Broker in Washington are required to furnish a
Surety Bond (between $20,000 and $60,000 as determined by the Director). In lieu of a Surety Bond, applicants may be approved to furnish an irrevocable letter of credit. Fingerprints also need to be provided, and these are submitted to the Federal Bureau of Investigation. Applicants with a poor credit history are usually rejected, and the state makes a thorough background investigation on the applicant.
The application fee for a Mortgage Broker is based on $37.16 per processing hour. Once licensed, the Mortgage Broker pays an annual assessment of $530.86.
Continuing Education courses are one of the basic requirements, and courses are required on a continuing basis after becoming licensed.
Once Mortgage Brokers are licensed in Washington they must maintain a physical presence in the state or within 30 miles of its borders. This requirement can be waived if the applicant has at least two year experience, or meets the educational requirements and then passes a written examination.
The Washington Association of Mortgage Brokers (
WAMB), maintains an affiliate relationship with the National Association of Mortgage Brokers (NAMB) www.namb.org. The WAMB provides ongoing educational courses for those planning to become a Mortgage Broker in Washington.
We also offer information and resources for Washington Commercial Mortgage