Occupation Search Results
Licensing Requirements
Wisconsin

License Title:

MORTGAGE BROKER

Description:

This license is required of anyone who, on behalf of a residential mortgage loan applicant or an investor and for commission, money or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.

Who is required to have this license?

Any person who, on behalf of a residential mortgage loan applicant or an investor and for commission, money, or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.

Who does not need this license?

=> 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 performs real estate brokerage activities only 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).

=> The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45, Wis. Stats.

Pre-requisites for license applications?

Surety bond: Each mortgage broker shall file with the division a commercial surety bond in the amount of $120,000. 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 broker shall submit recent financial statements that reflect a minimum net worth of $100,000. 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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