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Crystal Ignatowski By Crystal Ignatowski • July 14, 2015

Everything You Need To Get Your Wisconsin Mortgage Broker License (And Bond)

wisconsin mortgage broker license

 

Getting your Wisconsin mortgage broker license is just the start of your career in the mortgage industry. You might be wondering how you can get your mortgage license, or maybe even why you need it. Well, you’ve come to the right place.

 

Who Needs a Wisconsin Mortgage Broker License?

 

Any person in the state of Wisconsin who, on behalf of a residential mortgage loan applicant or an investor for commission or other monetary gain, does any of the following:

 

  • Finds a residential mortgage loan
  • Negotiates a residential mortgage loan
  • Negotiates a commitment for a residential mortgage loan
  • Engages in table funding

 

There are certain instances when you do not need a Wisconsin mortgage broker license. Those instances are listed here.

 

Lincensing is due to the SAFE Mortgage Licensing Act of 2008

 

Why Do I Need a Mortgage License?

 

To legally provide mortgage broker services in the state of Wisconsin, you need to secure your Wisconsin mortgage broker license. This is a state and federal requirement that must be met. 


Having a license not only allows you to legally work in the state, it also gives your clients peace of mind that they are working with someone who has met all the requirements to be mortgage broker.

 

So…What Are The Requirements To Get My License?

 

  • Financial statements:

Must reflect a minimum net worth of $100,000

Must be accompanied by a written statement by an independent certified public accountant

  • Surety bond:

In amount of $120,000

 

What is a Mortgage Bond?

 

mortgage broker bond is a type of license and permit surety bond required by a state agency for licensure pertaining to mortgage activities. Mortgage bonds protect your clients in case you provide poor advice, make an incorrect or unethical decision, or make in error in your client’s information. A mortgage bond provides peace of mind for your clients that they will be protected if a mistake is made that causes them a financial loss.

 

Mortgage brokers in the state of Wisconsin will need to secure a Wisconsin Mortgage Broker Bond in the amount of $120,000. This is not the amount you will need to pay for your bond though! You will only need to pay a percentage of this amount. The percentage is based on your personal credit history and your business financials.

 

 

How Do I Get My Mortgage Bond?

 

You’ll need to work with a reliable surety bond agent to get your bond. Make sure the surety bond company you choose can give you a variety of quotes to choose from so you know you are getting the best rate possible.

 

At Surety Solutions, we offer quotes from over 30 different insurance companies so you can feel confident that you are getting the best rate. The best part? There is no obligation to buy. Just free quotes for your Wisconsin mortgage bond with just one single click.

 

 

Free Mortgage Bond Quotes

 

 

How Do I Get My Mortgage Broker License?

 

Step #1: Purchase surety bond (see above)

Step #2: Complete Wisconsin Mortgage Broker License application

Step #3: Upload all additional documents (such as bond form) online or send by mail to the proper address below.

 

Wisconsin Department of Financial Institutions
Division of Banking
PO Box 7876
Madison, WI 53707-7876

⇒Need it sent quick? Send to the address below:

Wisconsin Department of Financial Institutions
Division of Banking
201 W. Washington Ave. 5th Floor
Madison, WI 53703

Step #4: Pay licensing fee: $850

 

 

Who To Contact

 

Wisconsin Division of Banking licensing staff at 608-261-7578

Or via email at DFIMortgageBanking@Wisconsin.gov

 

 

Related Links:

What Is A Mortgage Bond?

Getting Smart With Mortgage Bonds

Facts To Know About Mortgage License Bonds