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Licensing Requirements

License Title:



This license is required of any individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

Pre-requisites for license applications?

Education and testing: Pre-licensing education and testing is required for all mortgage loan originators. Pre-licensing education courses and tests will be reviewed and approved by the NMLS and only NMLS approved course providers and testers will be accepted. Approved course providers and testers will be published on the NMLS website.

An applicant must complete at least 20 hours of approved education, including all of the following:

=> 3 hours on federal law and regulations.

=> 3 hours on ethics, including instruction on fraud, consumer protection, and fair lending issues.

=> 2 hours on lending standards for the nontraditional mortgage product marketplace.

=> 12 hours of elective coursework related to the mortgage industry.

The pre-licensing testing requirement will be administered by a NMLS approved test provider and the test will measure the applicant’s knowledge and comprehension in the subject areas of ethics and state and federal mortgage laws and regulations. Individuals must pass both the national and Wisconsin components of the SAFE tests by answering correctlywith a score of at least 75%. of the questions on the tests.

Criminal Background: An applicant shall not have been convicted of, or pled guilty or no contest to, a felony in a domestic, foreign, or military court during the 7-year period preceding the date of the application or, for a felony involving an act of fraud, dishonesty, breach of trust, or money laundering, at any time preceding the date of the application. This paragraph does not apply with respect to any conviction for which the applicant has received a pardon.

Credit History: An applicant must demonstrate that he or she is financially responsible. An individual has shown that he or she is not financially responsible if he or she has shown a disregard in the management of his or her own financial condition, including having current outstanding judgments other than those resulting from medical expenses, having current outstanding tax liens or other government liens and filings, or having, within the past 3 years, foreclosures or any pattern of seriously delinquent accounts.

Company Association: A mortgage loan originator must act on behalf of a licensed mortgage banker or mortgage broker. Therefore, each mortgage loan originator must identify the mortgage banker or mortgage broker with whom he or she will be employed if a mortgage loan originator license is issued.

Licensing Authority:
WI Dept of Financial Institutions
via Nationwide Mortgage Licensing System
201 W. Washington Ave, Suite 500
Madison, WI 53703-
(608)261-9555   (608)261-7200 fax


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