Mortgage Broker Application FAQs
See below for DFI's answers to questions frequently asked about applying for a Mortgage Broker license.
How do I obtain a Mortgage Broker license in Washington?
Effective July 1, 2008, DFI joined the Nationwide Mortgage Licensing System (NMLS). All Mortgage Broker license applications must be submitted through the NMLS. An applicant must submit a Form MU1, a Form MU2 for each control person, a Form MU4 for the Designated Broker, and a Form MU3 for each branch office through the NMLS.
May I submit a Mortgage Broker Application in paper?
No. Use of the NMLS is mandatory for all Mortgage Broker applicants and licensees.
Must I submit other information in addition to the MU forms?
Yes. Please refer to the Washington instructions on the NMLS for a list of all additional items which must be mailed to DFI.
What is the application fee for a Mortgage Broker Main Office License?
The application fee for a new Mortgage Broker Main Office License is $1,001.00 which includes the NMLS processing fee.
What is the application fee for a Mortgage Broker Branch Office License?
The application fee for a new Mortgage Broker Branch Office License is $205.00 which includes the NMLS processing fee.
Is there a surety bond requirement? If so, what amount does the bond need to be?
Yes, the Mortgage Broker license does require a surety bond. The minimum amount is $20,000. The maximum amount is $60,000. The bond amount is calculated by the number of loan originators working in Washington. Please see the Jurisdiction-Specific Requirements for details on calculating the bond amount.
Does Washington have a net worth requirement?
No. Washington does not have a net worth requirement.
What is the average time it takes to process a new application?
DFI tries to review all incoming applications within two weeks of the date they are fully complete. If the application has any deficiencies which result in a rejection letter, the application is placed on hold until the deficient items are corrected. At that point, the application is complete and the two week period starts at that time.
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