Washington State Escrow Agent Bond | AmeriPro Surety Bonds | 844-589-9732
Becoming an Escrow Agent in Washington State:
Escrow agent applicants in Washington state are required to meet a number of fairly stringent criteria before they are licensed.
First time applicants are required to be associated with an existing escrow agent in the state. They are also required to have taken and passed the Escrow Officer Exam, within the prior year before becoming an escrow agent.
The Washington state Escrow Officer Exam has a fee of $168.00
The following information is taken from the Washington state licensing department.
In addition to the above, applicants for a Washington State escrow license must also provide the following along with their application for a license:
- A personal credit report (from Equifax, Experian, or TransUnion) dated within 30 days of the application;
- Applicants must provide a fingerprint card and a completed form for “Applicants’ Privacy Rights,”dated within 6 months of the application;
- A copy of the passing certification score;
- Pay a fee of $179.26, and another processing of $32. These fees are made payable to the “Washington State Treasurer”. Be sure to include your identifying information on any checks submitted.
- Proof of E&O and an active escrow agent surety bond.
Washington State Escrow Agent Bond
To become an escrow agent in Washington state, a $10,000 surety bond is required to be posted with the department.
Who the Surety Bond Protects:
A surety bond is not an insurance policy for a Washington State escrow agent.
Rather, the surety bond protects the citizens of Washington state against any acts of fraud, willful dishonesty, or malfeasance on the part of the escrow agent in the performance of their duties.
Unlike a liability insurance policy (including an errors and omissions and policy), any claims paid on a surety bond must be fully reimbursed by the escrow agent.
Otherwise, a suspension of the escrow license can result until costs are fully repaid.
Cost of a Washington State Escrow Agent Bond
While the amount of an escrow agent bond in Washington state is $10,000, applicants will only pay a fraction of that amount.
The amount of this surety bond will be determined by a credit score check.
Applicants with optimal credit score may pay a premium up to 5% of the face amount of $10,000.
Applicants with Challenged Credit
However, those applicants who have challenged credit should not worry at all.
While the premium will be higher, at AmeriPro Surety Bonds, we will work to find you the best pricing available.
Thus, no applicant should be in the least bit hesitant to contact our agency.
We do our best to follow the Golden Rule in our dealings with both current and potential customers.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only agency. We provide license & permit, court, contract, and commercial surety bonds for all 50 states.