District of Columbia Mortgage Lender and Broker Bonds

District of Columbia Mortgage Lender and Broker Bonds

The Department of Insurance, Securities, and Banking manages and regulates the licensure of mortgage lenders and brokers within the District of Columbia (otherwise known as Washington, DC). To qualify for and maintain a mortgage license, either a Mortgage Lender Bond or a Mortgage Broker Bond is mandated. 

QUOTE

Both the Mortgage Lender Bond and the Mortgage Broker Bond are provided by Jet Insurance Company to act as a financial guarantee to the Department. This means that restitution is available should the mortgage professional commit a license violation that causes monetary damages to a borrower or even the Department itself. 

What Is the Lowest Price for a DC Mortgage Lender or Broker Bond?

According to the Department, Mortgage Lender and Broker Bond limits are based on the total loan volume of the licensee in question and must be in an amount that covers all licensed locations. 

At Jet, the cost of a surety bond is a small percentage of the bond’s limit and is based on a soft credit check of the applicant. For instance, if you qualify for a $12,500 Mortgage Lender Bond, Jet’s rates start at $100 for a one-year term or just $10 a month. 

To view additional bond limits and Jet’s preferred tier rates, take a look at the price chart below.

Bond TermMinimum Bond Amount per LocationMonthly1-Year
$1 million or less$12,500$10$100
$1 to $2 million$17,500$10$100
$2 to $3 million$25,000$10$100
More than $3 million$50,000$19$188
DC Mortgage Broker and Lender Bond Pricing

The Department also allows applicants to acquire a $200,000 Blanket Bond to cover all proposed license locations of the mortgage professional. If this scenario applies to you, available rates with Jet begin at $750 for a one-year bond term or a convenient payment of $75 a month. 

District of Columbia Mortgage Lender Bond and Mortgage Broker Bond Details

The District of Columbia Department of Insurance, Securities, and Banking makes use of the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage lender and broker licenses, as well as for the processing of attached surety bonds.

So once you purchase a Mortgage Lender or Broker Bond with Jet, it must then be sent over to the NMLS for filing. No need to worry about the details regarding this step as Jet can file your bond for you! All you need to do is grant us permission to act as your designated surety company (Jet Insurance Company NAIC #16379). If this is your first encounter with the NMLS, check out the Electronic Surety Bond for Licensees webpage for info on how this process works. 

If you are interested in learning more about the mortgage industry, licensure in multiple states, and the applicable surety bonds required, look over Jet’s comprehensive Mortgage License Bonds Guide. 

How to Renew My Bond

See Jet’s process to renew your surety bond. Hint-one year expiration dates apply to DC mortgage licenses.

How to Cancel My Bond

DC Mortgage Bonds contain a 30-day cancellation clause. Click here for details on cancelling your bond.

Bond Claim Process

Mortgage professionals need to be aware of what causes a claim and what happens after a claim is made.

District of Columbia Mortgage Lender/Broker Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: