Washington Escrow Agent Bond Requirements
Posting an escrow agent bond is one of the requirements you may need to meet to get a Washington escrow agent license. The bonding has to be done before you start your operations in the state.
Why Is This Bond Required?
The Washington Department of Financial Institutions defines the requirements that escrow agents have to satisfy to get licensed.
Obtaining a Washington escrow bond is one of the criteria that you may need to fulfill. You have to post such a bond in case the fidelity policy that you provide for your license application has a deductible. If the policy doesn’t have a deductible, you don’t need to post an escrow agent bond.
The purpose of this bond is to protect the clients of your escrow business. They can seek financial compensation if you transgress from your legal obligations and they suffer damages as a result of that. The maximum reimbursement they can demand through a claim is the penal sum of the bond.
Interested to know more about the bonding process? You can get a full overview in our detailed ‘What is a surety bond’ guide.
Still have questions? Don’t hesitate to contact us at 866.450.3412.
What’s the Washington Escrow Agent Bond Cost?
If you have to post a Washington escrow agent bond, its amount should be $10,000.
The cost of your bonding is a small percentage of this amount. It’s called the bond premium. Your surety provider has to assess the strength of your personal and business finances to determine it.
Factors That Determine Your Bond Cost
The most important factor that shapes your bond cost is your personal credit score. If your credit score is good, you can get low bonding rates - between 1%-3% of the required bond amount.
Other factors also influence your bond cost, such as:
- Personal and business finances
- Any fixed and liquid assets
- Industry experience
You can review our extensive surety bond cost guide for a full overview of the bond formation process.
For an estimate of your cost based on credit score, you can consult the table below.
| Washington Escrow Agent Bond Cost Based on Credit Score | |||||
| Bond Type | Bond Amount | Credit Score | |||
| Above 700 | 650-699 | 600-649 | Below 599 | ||
| Washington Escrow Agent Bond | $10,000 | $100-$300 | $100-$300 | $100-$300 | $300-$500 |
Obtain Your Escrow Agent Bond
Ready to get your Washington escrow agent bond? Just click on the banner to obtain a free quote. When you receive it from us, you can purchase your bond online straight away.
Need more details about escrow agent bonds? You can speak with our bonding experts by calling us at 866.450.3412.
Bryant Surety Bonds is licensed to issue escrow agent bonds in all 50 states. We can assist you to get bonded as an escrow agent anywhere in the country!
