Washington Mortgage Licensing Requirements

Contents:

Physical Location Required

Individual Loan Officer Licensing Required?

Testing Required to Become Loan Officer?

Part of the Nationwide Mortgage Licensing System?

License Required for Loan Modification?

No

 

Yes

 

Yes

Yes

Loan Officer License  Required

     

Broker Requirements:

(1) $20,000-$60,000 Surety Bond (as per director)

(2) Fingerprint cards for background/credit check (those with poor credit history are known to be rejected)

(3) Application fee based on $37.16/hour processing

(4) $530.86 annual assessment fee

(5) Continuing Education courses required

(6) Physical office required in state; however, this can be waived if applicant has 2+ yrs experience OR meets educational requirements & passes written exam.

 

Loan Officer Requirements:

(1) 18 years of age

(2) High school diploma or GED 

(1) $155 initial application fee

(4) Criminal background and fingerprints check

(5) Credit check

(6) Passing (75%) a pre-licensing test, fee of $52

(8) Must successfully complete two approved continuing education courses each year.  In the first year, one of the two required continuing education classes must include Ethics

 

Contact Information:

Washington State Department of Financial Institutions

Physical Location

150 Israel Road SW

Tumwater, WA 98501

Mailing Address

PO Box 41200

Olympia, WA 98504-1200

Phone: 360.902.8703

Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Website: www.dfi.wa.gov/cs/mortgage.htm

 

Map of Washington State Department of Financial Institutions:


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