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For assistance with mortgage licensing, contact us at:Direct Phone: (714) 721-3963
Fax: (714) 829-1444
steven@imlicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Wisconsin Mortgage Licensing
Mortgage Banker
Mortgage Banker License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $250,000
Surety Bond: Minimum $300,000 for Bankers (increased by $10,000 for each licensed branch location when the number of branch locations exceeds five)
State Initial Fee: $750
State Renewal Fee:
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education:
Mortgage Broker
Mortgage Broker License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $250,000
Surety Bond: Minimum $120,000 for Brokers (increased by $10,000 for each licensed branch location when the number of branch locations exceeds five)
State Initial Fee: $750
State Renewal Fee:
Branch Licensing: Yes
Loan Originator Licensing: Yes
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.
Regulated by:
Department of Financial Institutions
345 W Washington Avenue
Madison, WI 53703
Telephone: (608) 261-9555
Ginelle - (608) 266-8891
Fax: (608) 261-7200
http://www.wdfi.org/