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?
Washington uses the terms mortgage brokers and mortgage loan originators

What is the cost of a license? Surety bond? Are there net worth requirements?
In order to broker and originate Washington residential mortgage loans a company must first secure a Washington mortgage broker license pursuant to the Washington Mortgage Broker Practices Act administered through the Department of Financial Institutions, Division of Consumer Services.

All mortgage loan originators must pass a test and obtain a license in order to conduct business in Washington.

Every licensed mortgage broker must have a designated broker responsible for the licensee's business activities. The designated broker must meet the MBPA experience and examination requirements.

There is a surety bond requirement of between $20,000 and $60,000 based on the number of originators employed.

There is an initial license application fee of $371. License renewals are $530 per location due by 12/31 of each year.

The fee for an originator application is $125. The applicant must also submit a fingerprint card with their application.

Is there a pre-licensing education requirement?
The designated broker must pass a written mortgage broker test prior to initial licensing. An originator applicant must pass an originator test prior to licensing.

Is there a CE requirement?
Yes, an originator must complete two courses, of no less than three hours each, annually

Are there different requirements for mortgage brokers and mortgage lenders (i.e. can you broker under a lender license?)
Mortgage bankers are currently not licensed in Washington.

Are there 2nd mortgage policies and/or restrictions? Do you need a separate license to do 2nd mortgages?
A license may be required under the Consumer Loan Act depending on the rates of interest being offered.

Regulatory Agency
Department of Financial Institutions
Division of Consumer Service
PO Box 41200
Olympia, WA 98504-1026
Phone: (360) 902-8700
Fax: (360) 664-2258
www.wa.gov/dfi

DISCLAIMER: The data contained here is for informational purposes only. It should not be the sole resource for licensing decisions. Please consult the regulator and/or an attorney that specializes in these matters before taking action.

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