Wisconsin Mortgage Brokers are required to have a license and obtain a Wisconsin Residential Mortgage Broker Bond as a condition of licensure. License prerequisites include a minimum net worth of $100,000 and securing a surety bond.
Applicants will need to apply for licensure through the National Mortgage Licensing System (NMLS) and pay the applicable license and NMLS processing fees.
License requirements include:
Submit financial statements approved by a Certified Public Accountant. Financial statements include a Balance Sheet, an Income Statement, and Statement of Cash Flows.
If any of the disclosure statements were answered "yes," provide an explanation for each answer.
Mortgage brokers are required to have a $120,000 surety bond to meet licensing requirements. The surety will upload the bond into the NMLS ESB system.
Mortgage broker that have five branch locations or more are required to obtain a bond increase of $10,000 for each additional branch location.
If applicant is a partnership, corporation or limited liability company, provide a certified copy of formation documents and a Certificate of Authority or a Good Standing Certificate obtained through the Wisconsin Secretary of State.
The premium that you pay for a Wisconsin Residential Mortgage Broker License Surety Bond is dependent on credit, and personal and business financial statements.
Contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday