net branch » Opportunity » Washington
Mortgage Net Branch Washington
Are you excited about the opportunity to open a mortgage net branch in Washington? That's great! However, some WA requirements have caveats
Each state runs their mortgage businesses differently, and Washington State is no exception. (The connotation "Washington State" is being used so that a clear distinction can be made between the State of Washington and Washington, DC.)
One of the differences in Washington State is in how surety bond amounts are determined. To open a net branch in WA you're operation must be licensed and meet state requirements. Some net branch companies pay this, some expect you to pay this. The amounts that these bonds must cover range from $20,000 to $60,000. How much yours will be for your mortgage broker's license will depend on how many loan officers work for the mortgage company with whom your Wahington mortgage net branch is affiliated.
The Director of the Washington Department of Financial Institutions will obtain information on the number of loan officers that are employed by the "home office." He will then make an amount determination based on this figure.
In the meantime, you must pass the written exam, that you have to traveled to Olympia, WA to take, so that you can receive your mortgage broker license. Once you have received your license, you will have one year from that date to complete one more course of study—a licensing seminar class. You can take this class online, as long as the providers of the class have been approved.
Once you have your Washington State mortgage broker's license, your net branch does not have to be located in that State. This means you have greater flexibility in your location, but you can also solicit and handle loan originations from Washington State.
So, working in the mortgage field in Washington State is different. However, why not consider those differences as challenges to help you prove how successful you can be, or advantages that you can use when running your mortgage net branch?