Wisconsin Mortgage Banker Surety Bond
Wisconsin Mortgage Bankers are required to have a license and obtain a Wisconsin Residential Mortgage Banker Bond as a condition of licensure. License prerequisites include a minimum net worth of $250,000 and securing a surety bond. The surety bond guarantees compliance of state laws and ethical performance of duties.
Surety Bond and License Requirements:
- Applicants will need to apply for licensure through the National Mortgage Licensing System (NMLS) and pay the applicable NMLS processing and license fees.
- Submit financial statements approved by a Certified Public Accountant (CPA). Financial statements include a Balance Sheet, an Income Statement, and Statement of Cash Flows.
- If any of the disclosure statements responses were "yes," provide an explanation for each answer.
- Mortgage bankers are required to have a $300,000 surety bond to meet licensing requirements. The surety will upload the bond into the NMLS ESB system.
- Mortgage bankers having five branch locations or more are required to obtain a bond increase of $10,000 for each additional branch location.
- If applicant is a corporation, partnership or limited liability company, provide a certified copy of formation documents and a Good Standing Certificate or a Certificate of Authority obtained through the states Secretary of State.
How Much Will a Wisconsin Mortgage Banker Bond Cost?
The premium that you pay for a Wisconsin Residential Mortgage Banker Surety Bond is dependent on credit, and personal and business financial statements.
Related Links:Mortgage Banker DefinitionNMLS Wisconsin Mortgage Banker License Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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