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.
Obtain a surety bond from SuretyGroup.com. 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 (WI) Secretary of State.
Premium for a Wisconsin Residential Mortgage Broker License bond is dependent on credit, and personal and business financial statements.
We have been underwriting surety bonds for over 35 years, and we offer bonds for individuals and businesses of every size.
Our team of experienced surety specialists and in-house underwriting authority gives us a unique advantage over other surety companies. We are able to offer competitive, low rates, quick approvals and immediate bond delivery. In most cases we can approve your application today and deliver your bond tomorrow.
Hours: 8:00-5:00 CST, Monday through Friday