The mortgage broker industry in District of Columbia is a bit unique when compared to other areas in the United States. For one, mortgage brokers in the District of Columbia do not have their own affiliate of the National Association of Mortgage Brokers. Rather, mortgage brokers and mortgage brokerage laws are overseen in D.C. by the District of Columbia Department of Insurance, Securities and Banking. Furthermore, mortgage brokers have fairly less arduous requirements in terms of qualifications, education and experience to become a mortgage broker. The main requirements for practicing as a mortgage broker in Washington, D.C. is registering with the Department of Insurance, Securities and Banking—which includes a background check—providing a surety bond and obtaining a mortgage broker’s license.
Because of the relatively low bar for entry into the mortgage broker profession in District of Columbia, the market is driven more by merit than formal vetting and screening from state regulators. With this in mind, it pays to look for mortgage brokers who have been in business for a number of years. The real estate market in the District of Columbia is highly competitive and only the most reputable, professional and trusted mortgage brokers typically survive.
You can see a listing of well-established Washington, D.C. mortgage brokers by clicking the links below. Get quotes from two or three brokers and compare offers before making a decision. |
