DC District of Columbia
Washington DC (District of Columbia) has three licenses; mortgage broker, mortgage lender and mortgage dual authority. Each License has a separate net worth requirement in place. Brokers must demonstrate a net worth of $25k per licensed location, Lenders $200k per licensed location and for the dual authority $225k per licensed location. Unlike the different net worth requirement for each license type, they all share the required bond amount of $12,500 per licensed location. Although neither of these licenses require a named QI, they do require a licensed DC MLO before they will approve the application.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| District of Columbia | Mortgage Broker License | $1,220 | $94 | — | $374 | Call for More Information | $1,688 |
| District of Columbia | Mortgage Lender License | $1,320 | $94 | — | $374 | Call for More Information | $1,788 |
| District of Columbia | Dual Authority License | $1,420 | $94 | — | $374 | Call for More Information | $1,888 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $12,500
- Net Worth: $25,000
- Brick & Mortar: No
- Audited Financials: No
License: Mortgage Lender License
- Operating Status: Lender
- Bond Amount: $12,500
- Net Worth: $200,000
- Brick & Mortar: No
- Financial Type: Unaudited
License: Dual Authority License
- Operating Status: Broker/Lender
- Bond Amount: $12,500
- Net Worth: $225,000
- Brick & Mortar: No
- Audited Financials: No