Wisconsin Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Wisconsin are regulated by the Wisconsin Department of Financial Institutions. A Mortgage Broker is defined as anyone who solicits, originates, negotiates, or table funds a loan in the state. Mortgage Brokers from other states that do not have a physical office in Wisconsin must be licensed.

Mortgage Brokers with a physical location within the state must obtain a Surety Bond for $10,000 or have a minimum proven net worth of $100,000. The physical office location must have regular office hours, be open and accessible to the public, and must be the place where all the business is transacted. The person that is staffing the office is required to be licensed and the employees of the office location may not be shared with a different office. This physical location must also be the place the records and financial books are kept as well.

Mortgage Brokers without a physical location in the state are required to have a Surety Bond for $120,000 and be able to prove a minimum net worth of $250,000.

Bad Credit Wisconsin Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Wisconsin License Requirements

Age: None

State Residency: None

Experience: 2 years of industry experience

Education: None

Continuing Education: None

Net Worth: $100,000 or $250,000

Surety Bond: $10,000 or $120,000

Free Surety Bond Quote

Background Check: Credit and criminal background checking

Wisconsin State Licensing Fees

Initial Application: $750 (2 years)

Branch Location: $750

Renewal Application: $750 (due 30 days prior to renewal date)

Branch Offices:

In State Requirements: Must have a physical location

Licensure Requirements: A license is not needed, but originators must be licensed

Exemptions:

Entities: Bank, Lawyers, Insurance Company, Credit Union, Savings and Loan Company

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

Get a FREE quote on your Mortgage License Surety Bond online now!

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