A mortgage lender or broker bond is required by Washington, D.C. as a prerequisite to become a licensed mortgage lender or broker in Washington, D.C.
Colonial Surety is authorized by the Nationwide Multistate Licensing System & Registry (NMLS) to write electronic mortgage broker bonds. If you are not registered with the NMLS, please visit the NMLS website.
A mortgage lender/broker bond is required by Washington, D.C. as a prerequisite to become a licensed mortgage lender or broker in Washington, D.C.
The bond guarantees that the licensee will comply with all Washington, D.C. laws regulating the activities of mortgage lenders and brokers. It also guarantees they will perform all written agreements with borrowers or prospective borrowers and account for all funds received in conformity with a standard system of accounting.
Mortgage lenders and brokers are required by Washington, D.C. statutes to obtain a bond in order to obtain a mortgage lender or broker license.
The amount of the surety bond required is based upon the total dollar volume of loans of the licensee.
If the total dollar volume of loans was $1,000,000 or less, a $12,5000 minimum bond is required.
If the total volume was more than $1,000,000 but less than $2,000,000, a minimum $17,500 bond is required.
If the total volume was more than $2,000,000 but less than $3,000,000, a minimum $25,000 bond is required.
If the total volume was more than $3,000,000, a minimum $50,000 bond is required.
If an applicant files four or more original or renewal applications at the same time, the applicant may provide a blanket surety bond for all licensed offices in the amount of $200,000. This is subject to approval.
Colonial offers the direct and digital way to obtain a Washington, D.C. mortgage lender/broker bond. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are simple — get a quote online, fill out your information, and enter your payment method. Print your bond from your home or office. It’s that simple!
A Washington, D.C. mortgage lender/broker bond is reasonably priced and easy to obtain. You may notice that with other insurance agents and middlemen companies, your premium rate will fluctuate and include additional hidden fees and costs. Colonial offers our lowest possible rate. Premium is based on the amount of the bond required by the applicable government agency.
It is important to understand how surety bonds work and who is the insurance company issuing your bonds. It is easy to obtain a Washington, D.C. mortgage broker bond when you deal directly with a quality insurance company licensed to write surety bonds. Colonial is an A (Excellent) rated insurance company by A.M. Best that has been incorporated since 1930. We are NMLS approved, Treasury listed, and licensed and admitted in all U.S. states and territories.