How to Become a Mortgage Broker in Washington, D.C.

There are fewer steps to becoming a mortgage broker in Washington D.C. than in other areas. Most of the states are affiliated with the National Association of Mortgage Brokers; however, Washington D.C.'s mortgage broker laws are governed by the Department of Insurance, Securities and Banking. Mortgage brokers do not need experience or need to take a class. They simply must prove good financial management and pay the necessary fees.

Instructions

1. Gain experience in real estate or in the mortgage industry. You do not require experience to become a mortgage broker in Washington D.C., but industry knowledge will help you succeed as a mortgage broker. If you cannot break into the industry first, consider taking a mortgage broker or real estate agent class offered at a local community college.

2. Pay the required $100 investigative fee to the Department of Insurance, Securities and Banking. The investigative fee will cover a background check and a personal financial report.

3. Pay a $500 licensing fee and a $500 application fee. The application fee is non-refundable.

4. Provide a surety bond to the Department of Insurance, Securities and Banking. The surety bond amount will range from $12,500 to $50,000 and is dependent upon the volume of mortgage loans the mortgage broker completes. A surety bond is a type of insurance policy that can be purchased from a surety bond company.

5. Show proof from a bank or credit union that you have a savings account or line of credit with a balance of $10,000 or more.

Tips & Warnings

• Poor financial management may hinder you from becoming a mortgage broker in Washington D.C.

Resources

• Mortgage Broker Requirements in Washington D.C.
• Department of Insurance, Securities and Banking