Wisconsin Mortgage Broker License Guide

In the state of Wisconsin, mortgage bankers and mortgage brokers need to be licensed at the state level. The mortgage licenses are supervised and regulated by the Wisconsin Department of Financial Institutions (DFI).

The license application process for mortgage companies and individuals is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows entities and loan originators to apply or update a license online.

Types of Mortgage Licenses in Wisconsin

There are three major state license types in Wisconsin: Company, Branch, and Individual. Each license type depends on the work you will be performing.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Banker License - allows entities to originate, sell, and/or service residential mortgage loans. Licensees are also permitted to provide escrow services.
  • Mortgage Broker License - allows entities to find and/or negotiate residential mortgage loans on behalf of investors or mortgage loan applicants. Licensed Mortgage Broker entities are also permitted to engage in table funding activities.

Wisconsin State Requirements

All license applications are to be submitted online via NMLS. Note that some agency-specific documentation, such as the surety bond, must be mailed directly to DFI at Wisconsin Department of Financial Institutions, Division of Banking, PO Box 7876, Madison, WI 53707-7876.

For additional assistance with the license requirements, please contact DFI at (608) 261-7578 or [email protected].

For assistance and questions regarding NMLS, you may contact their call center at (855) 665-7123.

Education and Exams

In Wisconsin, passing an exam is obligatory for some, but not all license types. In order to obtain a Mortgage Banker or a Mortgage Broker license, you are not required to complete a course or pass an examination.

WI Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Banker License - All Mortgage Banker applicants must provide a surety bond in the amount of $300,000.
  • Mortgage Broker License - Mortgage Broker applicants are required to furnish a $120,000 surety bond.

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Licensing Fees

Fees for Company Licenses

All fees are non-refundable and must be submitted through NMLS.

  • Mortgage Banker License
    • $1,000 license fee.
    • $100 NMLS processing fee.
  • Mortgage Broker License
    • $750 license fee.
    • $100 NMLS processing fee.
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