Washington D.C. Mortgage Broker Bond
AmeriPro Surety Bonds | 844-589-9732
Licensing of Washington D.C Mortgage Brokers
Washington D.C. mortgage brokers (and mortgage lenders) are regulated by DISB (Department of Insurance, Securities, and Banking).
While the Department regulates your licensing, your surety bond and application are facilitated through the National Mortgage Licensing System, NMLS.
Our agency can electronically file your bond to NMLS upon its purchase.
Qualifying and the Premium
The Washington D.C. mortgage broker bond ranges from $12,500 to $50,000, depending on your level of loan production.
You are automatically approved for any of these amounts as there is no credit check. We’ll take the application verbally from you over the phone. The surety bond application will consist of providing our agency with your name, and contact information.
After payment of the premium, your D.C. mortgage broker bond will be issued for you. Again, we can electronically file it on your behalf to NMLS.
The bond and amounts and premium are determined as follows:
- $12,500 for loan volumes of $1 million or less – $100 annual premium;
- $17,500 for loan volumes between $1 million to less than $2 million – $131 annual premium;
- $25,000 for loan volumes between $2 million to less than $3 million – $188 annual premium;
- $50,000 for loan volumes greater than $3 million – $375 annual premium.
The address for the DISB as it relates to your mortgage broker surety bond is:
DC Dept. of Insurance, Securities and Banking
1050 First Street, NE
Washington, DC 20002
Regarding the $200,000 D.C. mortgage broker surety bond amount:
For applicants who require the $200,000 surety bond amount (the exception which would need to be approved by the Commissioner for applicants of mutlitple surety bonds), you will need to complete and sign a surety bond application which will then be reviewed by an underwriter. A financial statement will also be requested.
This underwriter review includes a credit check. Good credit is required for approval, and the premium will be $1500 annually.
Purpose of Your Surety Bond Requirement
The D.C. mortgage broker bond is a financial guarantee of all laws regarding mortgage brokering as stated in § 26-1101 of the Code of the District of Columbia, as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit bonds throughout D.C. and all 50 states.
Please call our agency today at:
Or, you may fill out the form below and a Surety Agent will contact you…