(1)
Surety bond amounts are based on the volume of your activity from prior years.
If there is no prior year volume, the surety bond amount required at
application is thirty thousand dollars. For purposes of this section,
references to loan origination volume mean closed loans.
(2) Nonresidential loan origination. If you
originate non-residential loans the surety bond amount is based on the annual
dollar amount of loans you originate. See the following chart:
| 1. |
Zero to twenty million in loans originated: |
$30,000 |
| 2. |
Twenty million to forty million: |
$50,000 |
| 3. |
Forty million to fifty million: |
$100,000 |
| 4. |
Fifty million and above: |
$150,000 |
(3)
Residential mortgage loans .
(a) Origination.
If you only originate residential mortgage loans, the surety bond amount is
based on the annual dollar amount of residential mortgage loans you originate.
Use the chart in subsection (2) of this section for the bond amount.
(b) Servicing. If you only service
residential mortgage loans, a bond requirement may only arise if you elect a
surety bond in lieu of the required net worth in WAC
208-620-322, or you sponsor a
Washington mortgage loan originator.
(c) Origination and servicing. If you
originate and service residential mortgage loans, your surety bond amount will
be based on your origination volumes. See the table in subsection (2) of this
section.
(d) Brokering. If you only
broker residential mortgage loans, your surety bond amount will be based on the
total annual principal amount of the loans brokered. See the table in
subsection (2) of this section.
(4) Combined nonresidential and residential
loan origination. If you originate both nonresidential and residential loans,
your bond amount will be based on the combined origination volume. See the
table in subsection (2) of this section.
(5) Third-party residential loan modification
services. If you only offer third-party residential mortgage loan modification
services, your bond amount is thirty thousand dollars.
(6) Student education loan servicing. If you
only service student education loans, the surety bond amount is thirty thousand
dollars.
Notes
Wash. Admin.
Code §
208-620-320
Amended by
WSR
13-24-024, filed 11/22/13, effective
1/1/2014
Amended by
WSR
17-01-124, Filed 12/20/2016, effective
1/1/2018
Amended by
WSR
18-24-013, Filed 11/27/2018, effective
1/1/2019
Statutory Authority:
RCW
43.320.040 and
31.04.165. 12-18-047, §
208-620-320, filed 8/29/12, effective 11/1/12. Statutory Authority:
RCW
43.320.040,
31.04.165 and
2010 c
35. 10-20-122, § 208-620-320, filed 10/5/10,
effective 11/5/10. Statutory Authority:
RCW
43.320.040,
31.04.165,
2009 c
120, and
2009 c
149. 09-24-090, § 208-620-320, filed 12/1/09,
effective 1/1/10. Statutory Authority:
RCW
43.320.040,
19.144.070, 2008 c 78. 09-01-159,
§ 208-620-320, filed 12/23/08, effective 1/23/09. Statutory Authority:
RCW
43.320.040. 08-15-125, § 208-620-320, filed
7/22/08, effective 8/22/08. Statutory Authority:
RCW
31.04.165,
31.04.015,
31.04.045,
31.04.075,
31.04.085,
31.04.093,
31.04.102,
31.04.115,
31.04.145,
31.04.155, and
31.04.175. 06-04-053, §
208-620-320, filed 1/27/06, effective
2/27/06.
