Washington Consumer Loan Company Bond

The Washington Consumer Loan Company Bond is a type of surety bond and is required as part of the license process to become a consumer loan company in the state. The license is for companies, not individuals. While the license and surety bond are required by the Washington State Department of Financial Institutions, the license administration and application are management by the Nationwide Mortgage Licensing System (NMLS).

Who is required to have the Washington Consumer Loan Company license?

• Any person or entity offering mortgage or non-mortgage loans to Washington State borrowers or on Washington State property.
• Any person or entity servicing Washington State residential mortgage loans.
• Any person or entity servicing any student education loan for Washington State student education loan borrowers.
• Any person or entity offering third party residential mortgage loan modifications to Washington State borrowers or on Washington State property.

For license requirements and prerequisites, visit the NMLS pre-license check list.

Surety Bond Amount

All licensees must provide a Washington Consumer Loan Company Bond. The amounts are as follows:

• $30,000 minimum bond for Zero to twenty million in loans originated
  • $50,000 surety bond for twenty million to forty million in loans originated
  • $100,000 surety bond for forty million to fifty million in loans originated
  • $150,000 surety bond for fifty million and above in loans originated
• $30,000 for third party mortgage services only.
• $30,000 for student education loan servicing only.

Check with the Washington state DFI to verify required surety bond amounts.

How to Obtain a Washington Consumer Loan Company Bond

At surety1.com we make it easy to obtain the necessary surety bond. Our simple 3 step process is:

1. Complete our easy to navigate and secure online application. 
2. Review the free, no obligation quote from one of our surety bond professional agents (usually within one business day).
3. Sign some paperwork and pay the surety bond premium. 

Once these steps have been completed, the Washington Consumer Loan Company Bond will be filed eclectronmcially by Surety1.,com directly with the NMLS.

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.