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Mortgage licensing / Wisconsin

Wisconsin Mortgage Broker License (effective 1/1/25)

company licence · NMLS WIBROKER_C · DFI

A mortgage broker license is required of any person who, for compensation or gain or in the expectation of compensation or gain, does any of the following but does not make an underwriting decision or close a residential mortgage loan: (a) Assists a person in obtaining or applying to obtain a residential mortgage loan. (b) Holds himself, herself, or itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. (c) Engages in table funding. A mortgage broker license is not required of the following: • A depository institution. • A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency. • An institution regulated by the farm credit administration • A person that performs real estate brokerage activities only and is licensed under s. 452.03, Wis. Stats., unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator. • A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D). • The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 25, Wis. Stats.

Requirements (8)

  1. Step 1

    Financial Statements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. NOTE: Upload a reviewed financial statement prepared by a Certified Public Accountant in accordance with Generally Accepted Accounting Principles. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows and all relevant notes thereto. The company's financial statement must show a minimum tangible net worth (total tangible assets less total liabilities) of $100,000. When evaluating a financial statement, the division typically discounts intangible assets; receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value.

    Submitted via: NMLS

  2. Step 2

    Good Standing Certificate: Upload a state-issued and approved document (typically by the Secretary of State's office) from the state of organization or incorporation, if other than Wisconsin, dated no more than 90 days prior to the filing of the application through NMLS. This document should be named [State prefix] Certificate of Good Standing.

    Submitted via: Upload in NMLS: under the Document Type "Certificate of Authority/Good Standing Certificate" in the Document Uploads section of the Company Form (MU1).

  3. Step 3

    Formation Document: Upload a certified copy of: • The Corporate Charter or Articles of Incorporation (if a corporation), or • The Articles of Organization and Operating Agreement (if a Limited Liability Company), or • The Partnership Agreement (if a partnership of any form).

    Submitted via: NMLS

  4. Step 4

    Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: Electronic Surety Bond via NMLS

  5. Step 5

    Other Trade Name: DBAs should be listed under Other Trade Names on the Company Form (MU1). Wisconsin Mortgage Brokers are prohibited from using more than five trade names, fictitious names or DBAs.

    Submitted via: NMLS

  6. Step 6

    Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. Individuals will be required to complete an Identity Verification Process (IDV) along with an individual attestation before a license request for your company can be filed through NMLS. This authorization is made when the Individual Form (MU2) is submitted as part of the Company Form (MU1). Note: Credit Report for Control Persons is $15 per control person.

    Submitted via: NMLS

  7. Step 7

    Credit Report Explanations: Refer to License Requirements and Fees Chart Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Sub Name – Document Creation Date

    Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

  8. Step 8

    MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement. After authorizing an FBI criminal background check through the submission of the Company Form (MU1) and Individual Form (MU2), you must schedule an appointment to be fingerprinted if new prints are required. See the Criminal Background Check section of the NMLS Resource Center for more information. Note: • If you are able to ‘Use Existing Prints’ to process the FBI criminal background check, you DO NOT have to schedule an appointment. NMLS will automatically submit the fingerprints on file. • The Individual must grant WDFI authorization to view the CBC results at the time the CBC is requested. WDFI cannot view CBC results that are generated before WDFI has been granted access. • FBI Criminal Background Check for MU2 Individual is $36.25 per person.

    Submitted via: NMLS

General information

Who is required to have this license? Any person who, for compensation or gain or in the expectation of compensation or gain, does any of the following but does not make an underwriting decision or close a residential mortgage loan: 224.71(4)(a) (a) Assists a person in obtaining or applying to obtain a residential mortgage loan. 224.71(4)(b) (b) Holds himself, herself, or itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. 224.71(4)(c) (c) Engages in table funding. Who does not need this license? • A depository institution. • A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency. • An institution regulated by the farm credit administration. • A person that performs real estate brokerage activities only and is licensed under s. 452.03, Wis. Stats., unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator. • A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D). • The department of veterans affairs when administering the veterans housing loan program under subch. III of ch. 45, Wis. Stats. Pre-requisites for license applications? Surety bond: Each mortgage broker shall file with the division a commercial surety bond in the amount of $120,000. The bond form provided by the division must be used, and the bond must be written by a surety company authorized to do business in Wisconsin. Financial statements: Each mortgage broker shall submit recent financial statements that reflect a minimum net worth of $100,000. The financial statements must be accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the financial statements in accordance with generally accepted accounting principles. When evaluating a financial statement, the division typically discounts intangible assets; receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value. Please refer to the Mortgage Broker New Application Checklist for more information.

Other Wisconsin mortgage licenses

Sourced from the NMLS/CSBS state licensing record, last updated December 19, 2024. Requirements change — confirm against the state agency before filing. Not legal advice.

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