Occupation Search Results
Licensing Requirements
Wisconsin

License Title:

MORTGAGE BANKER

Description:

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 residential
mortgage 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 under
subch. III of ch. 45, Wis. Stats.

=> A depository institution.

=> A subsidiary that is owned and controlled by a depository institution and regulated by a federal
banking 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 USC
101 (53D).

Pre-requisites for license applications?

Surety bond: Each mortgage banker shall file with the division a commercial surety bond in the amount
of $300,000. The bond form provided by the division must be used, and the bond must be written by a
surety company authorized to do business in Wisconsin.

Financial statements: Each mortgage banker shall submit recent financial statements that reflect a
minimum net worth of $250,000. The financial statements must be accompanied by a written statement
by an independent certified public accountant attesting that he or she has reviewed the financial
statements in accordance with generally accepted accounting principals.


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

http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=WI


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