This license is required of anyone who originates residential mortgage loans; sells residential mortgage loans or interests in residential mortgage loans; services residential mortgage loans; or provides escrow services.Who is required to have this license?Any person who does any of the following:=> Originates residential mortgage loans for itself, as payee on the note evidencing the residentialmortgage loan, or for another person.=> Sells residential mortgage loans or interests in residential mortgage loans to another person.=> Services residential mortgage loans or provides escrow services.Who does not need this license?A “mortgage banker” does not include any of the following:=> The department of veterans affairs when administering the veterans housing loan program undersubch. III of ch. 45, Wis. Stats.=> A depository institution.=> A subsidiary that is owned and controlled by a depository institution and regulated by a federalbanking agency.=> An institution regulated by the farm credit administration.=> A person that only performs real estate brokerage activities and is licensed under s. 452.03, Wis.Stats., unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator.=> A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC101 (53D).Pre-requisites for license applications?Surety bond: Each mortgage banker shall file with the division a commercial surety bond in the amountof $300,000. The bond form provided by the division must be used, and the bond must be written by asurety company authorized to do business in Wisconsin.Financial statements: Each mortgage banker shall submit recent financial statements that reflect aminimum net worth of $250,000. The financial statements must be accompanied by a written statementby an independent certified public accountant attesting that he or she has reviewed the financialstatements in accordance with generally accepted accounting principals.