Wisconsin Mortgage Licensing
Mortgage Banker
Mortgage Banker License
Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $250,000 Reviewed (Audited each year thereafter)
Surety Bond: Minimum $300,000 for Bankers (increased by $10,000 for each licensed branch location when the number of branch locations exceeds five)
Comments: Does not allow brokering. Must also hold Broker License if company wants to broker.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$100 – Foreign Corp App
$125 – Registered Agent Fee
$1,100 – Company License Fee
$3,000 – WI $300k Surety Bond
Mortgage Broker
Mortgage Broker License
Physical In-State Office Required: No
Qualifying Individual: No
Minimum Net Worth: $100,000 Reviewed
Surety Bond: Minimum $120,000 for Brokers (increased by $10,000 for each licensed branch location when the number of branch locations exceeds five)
Experience/Education:
Comments: Until December 31, 2010, Mortgage brokers with a bona fide office must meet only one of the following requirements, (refer to Chapter 224.72(4m)(a), Wis. Stats.):
a. Using the Mortgage Banker/Mortgage Broker bond form, file a commercial surety bond for $10,000
b. File a personal bond or 3rd-party guarantee for $10,000 (secured by a certificate of deposit, a debt security acceptable to the Division of Banking, or an irrevocable bank letter of credit from a financial institution authorized to do business in Wisconsin)
c. Submit reviewed or audited financial statements that establish a current minimum net worth of $100,000
After January, 1 2011:
All Brokers will need $120,000 surety bond and $100,000 net worth. No more bona fide offices.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$100 – Foreign CorpEntity App
$125 – Registered Agent Fee
$850 – Company License Fee
$1,200 – WI $120k Surety Bond
Regulated by:
Wisconsin Department of Financial Institutions
201 W. Washington Ave, 5th Floor
Madison, WI 53703
Telephone: 608-261-9555
Fax: 608-261-7200
Ginelle | 608-266-8891
Sarah Driscol | sarah.driscoll@wisconsin.gov