Washington State Department of Financial Institutions

Tips For An Error Free Mortgage Broker Application

To maximize our efficiency and process complete applications for licensure, we quickly review each applicant's material when it arrives. We reject incomplete applications for completion. Help us to help you by providing all the information requested before mailing them to DFI.

DFI expects licensees to meet high ethical and performance standards. Often consumers' money is in your hands. Attention to detail and the law is a requirement for licensees and it starts with the licensing application.

Below are the most common reasons why a Main Office application is rejected.

  1. Jurisdiction-Specific requirements not received.
  2. Designated Broker not listed in the Qualifying Individual section of Form MU1.
  3. Designated Broker didn't complete the Designated Broker Application on the NMLS.
  4. Surety Bond Problems
    1. Company name listed incorrectly.
    2. Corporation language missing after the company’s name.
    3. No Trade Name listed.
    4. Company’s physical address is listed incorrectly.
    5. Bond not signed by the company
    6. Bond is not an original.
    7. Bond amount isn’t high enough.
  5. Website address is different from company’s corporate or trade name and isn’t listed as a trade name on surety bond.
  6. List of personnel missing or failed to include the Designated Broker as company personnel.
  7. Explanation for “Yes” answers to Disclosure Questions not provided.
  8. Company not registered with Washington Department of Licensing and/or Washington Secretary of State, Division of Corporations.

Below are the most common reasons why a Branch Office application is rejected.

  1. Jurisdiction-Specific requirements not received.
  2. Surety Bond Rider
    1. Branch uses different trade name "dba" than other offices and no rider provided to cover the new trade name.
    2. Bond amount not sufficient to cover the current personnel and the personnel in the new branch office.
    3. Bond rider submitted isn't an original.
    4. Bond rider isn’t signed by the company (if required).
  3. If the company doesn't use a trust account, no Alternative Certificate of Compliance submitted.
  4. Personnel list for branch office missing.

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