Mortgage Broker Licensing

DFI uses the NMLS to manage all Mortgage Broker licenses. Make application and all changes to a Mortgage Broker license through the NMLS.

Before You Apply

Review the documents below to make an informed decision regarding the Mortgage Broker License.

• Barriers to Entry
• Cost Sheet
• Summary of Regulations

Before applying, you must obtain certain registrations, licenses, and pass a testing requirement outside DFI.

Register with these Agencies

1. Washington Secretary of State - You must receive a corporate registration, unless a sole proprietorship
2. Washington Business License Services - You must receive a Business License

Testing Requirement

1. All Mortgage Broker applicants must appoint a Designated Broker. This person must pass the Designated Broker Test before the company applies for licensure. This test is not the same as the MLO Exam(s). See the Designated Broker Test for more information.

Application Steps

1. Gather all items listed on the New Application Checklist
   Note: Do not apply for the license through NMLS until you have ALL items on the checklist. Specific items to be gathered or prepared include:
   • Websites
     View your company’s websites to ensure the main page contains all of the following: (1) Applicant’s legal name, (2) Applicant’s NMLS number and (3) a link to the NMLS Consumer Access, labeled as “NMLS Consumer Access”
   • Business Plan
     Prepare your company’s business plan outlining marketing strategy, products and target markets.
   • Management Chart
     Prepare the company’s internal management chart that shows the internal divisions, officers and managers. The chart must include, at minimum, all the owners and officers.
   • Trust Accounting
     Prepare one of the two documents related to whether the company is required to maintain a trust account. The documents are in the new application checklist.
   • Electronic Surety bond
     New Mortgage Broker applicants must have a $20,000 electronic surety bond. The bond must be issued through NMLS, not in paper, and must be in NMLS before the application can be filed
   • Designated Broker Materials
     Prepare the Designated Broker New Application Checklist. Gather the Designated Broker’s evidence of experience and test passage certificate.
2. Submit Your Application Through NMLS
   Once you have completed your application, submit your application for the Washington Mortgage Broker License through NMLS. This will include paying the licensing fee ($1,001), authorizing a credit report and Criminal Background Check (CBC) for each control person and uploading documents from the new application checklist. More Information:
   For help on submitting an application, see: Submitting Company Form Quick Guide Sponsor Mortgage Loan Originator
   If the company is originating mortgages a Mortgage Loan Originator is required, so sponsor them now: See: MLO Sponsorship Quick Guide Submit Branch Locations
   If the company has additional locations where Washington activity will be done, submit license applications for those branches: See: Submitting Branch Form Quick Guide
3. Email the documents indicated on the checklist to DFI at MortgageLicensing@dfi.wa.gov Take this action as quickly as possible after application submission. Mortgage Broker New Application Checklist
   Designated Broker New Application Checklist

Resources

• Tips to Expedite a Mortgage Broker Application
• Mortgage Broker Application FAQs
• NMLS Getting Started Guide
• Mortgage Broker New Application Checklist
• Designated Broker New Application Checklist