Washington State Licenses and Regulator Costs

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Consumer Loan Company License (Company)

NMLS Cost: $1,162.21
Additional Costs: $15 per credit report, $36.25 per criminal background check
Surety Bond Requirement: $100,000 or $30,000 (servicers only)

Mortgage Broker License (Company)

NMLS Cost: $1,001
Additional Costs: $15 per credit report, $36.25 per criminal background check
Surety Bond Requirement: $20,000

Consumer Loan Branch License (Branch)

NMLS Cost: $604.46
Additional Costs: none
Branch Manager: must hold Washington MLO license (unless supervises only loan processors and/or underwriters)

Mortgage Broker Branch License (Branch)

NMLS Cost: $205
Additional Costs: none

Designated Broker Registration (Individual)

NMLS Cost: $30 (Yes, $30)
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Testing: requires WA-specific test outside of NMLS
Requires HS diploma and two (2) years of mortgage experience

Mortgage Loan Originator (Individual)

NMLS Cost: $190
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Education: Total of 22 hours of NMLS education, including four (4) hours of WA-approved pre-licensure education