Does the state require a physical location within the state?
No.

Is there individual loan officer licensing?
No.

What are lenders, brokers and loan officers called?
DC uses the terms mortgage lender and mortgage broker.

What is the cost of a license? Surety bond? Are there net worth requirements?
Mortgage lenders and mortgage brokers are licensed under the DC Mortgage Lender and Broker Act through the Department of Insurance, Securities and Banking.

A nonrefundable investigation fee of $100 and a nonrefundable application fee of $700 must accompany the application, plus another $500 license fee (a total of $1,300).

An applicant for a mortgage lender license must maintain a minimum of $200,000 of available funds. A licensed mortgage broker must maintain a net worth of $10,000.

Lenders and brokers must provide a surety bond, with the bond amount ranging from $12,500 to $50,000 depending on the volume of DC business.

Licenses expire one year from the date of their issue and are renewable annually.

Is there a pre-licensing education requirement? Is there a test?
No.

Is there a CE requirement?
No.

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?).
An applicant must apply for dual authority in order to act as both a lender and broker.

Are there any state specific high cost loan provisions?
The Home Loan Protection Act of 2002 became effective March 1, 2002. It provides for numerous requirements, restrictions, and prohibitions for making covered loans and provides for penalties for noncompliance. A covered loan is defined as a mortgage loan secured by property located in the District (including an open-end line of credit), in which the terms of the mortgage loan exceed one or more of the following thresholds:

• The loan is secured by a first mortgage on the borrower's principal dwelling, and the APR at closing will exceed by more than 6 percentage points the yield on Treasury securities having comparable periods of maturity as of the fifteenth day of the month immediately preceding the month in which the loan application is received by the lender.
• The loan is secured by a junior mortgage on the borrower's principal dwelling, and the annual percentage rate at closing will exceed by more than 7 percentage points the yield on Treasury securities having comparable periods of maturity as of the fifteenth day of the month immediately preceding the month in which the loan application is received by the lender.
• The origination/discount points and fees payable by the borrower at or before loan closing exceed 5 percent of the total loan amount.