Washington State Appraisal Management Bond | AmeriPro Surety Bonds | 844-589-9732
The Washington State legislature defines an appraisal management company as “…any entity that performs appraisal management services, regardless of the use of the term appraisal management company, mortgage technology provider, lender processing services, lender services, loan processor, mortgage services, real estate closing services provider, settlement services provider, or vendor management company, or any other term.” [italicize that of AmeriPro Surety Bonds]
Appraisal management companies in Washington State can receive orders for an appraisal from any of the entities above.
They may also recruit persons to perform these appraisals and perform quality control of any appraisals done.
Applicants for an appraisal management company must do a number of things to become licensed as such in Washington State.
They must file the appropriate forms.They must submit to a fingerprint background check;
They must pay the appropriate fees which are as follows:
A newly licensed management appraisal company will have a fee of: $2,400
To renew a licensed management company, the fee is: $1,200
Late fees for renewals are: $38
Duplicate licensing or certificates are: $30 for each duplicate certificate or license
In addition to this,
Washington State appraisal management companies must post a surety bond in the amount of $100,000.
The $100,000 surety bond required of Washington appraisal management is a surety bond issued with the following:
The principal is the management company purchasing the surety bond;
The obligee is the Washington State Department of Licensing (an obligee is the entity which is requiring that the bond be purchased);
The surety company is the financial institution which has the wherewithal to guarantee the backing of the surety bond. AmeriPro Surety Bonds is agent for the surety bond company.
UPDATE 2019: Please read important information under the caption regarding qualifying for this surety bond.
Although this bond is for $100,000, applicants will only pay a fraction of the bond amount (this is also known as the premium). Qualified applicants may pay as little as 1% annually. The premium amount may be determined by the history of an applicant in the industry. By far, however, the amount of this appraisal management bond will be determined by the credit score.
A Washington State appraisal management bond is issued for a term of two (2) years, which is concurrent with the state license.
The 2 year length of issuance is also a determining factor in the price of this surety bond.
AmeriPro Surety Bonds provides contract, license & permit, fiduciary, and commercial bonds in Washington State and all 50 US states.
We not merely provide surety bonds for Washington State: We work for you to get you the best pricing available for your situation.