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?
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.
Must I submit other information in addition to the MU forms?
Yes. Please refer to the New Application Checklist for a Mortgage Broker License.
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. New applicants must have a $20,000 bond. The bond amount can be changed annually based on loan origination volume.
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 initially review all incoming applications within two weeks of when the paperwork is received. If the application has any deficiencies, it will be noted on the NMLS and the application will be placed on hold until the deficiencies are resolved.