Wisconsin Mortgage Licensing | Wisconsin Department of Financial Institutions
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Mortgage Banker | Mortgage Banker License
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee: $100 – Foreign Corp App $125 – Registered Agent Fee $1,100 - Company License Fee $3,000 – WI $300k Surety Bond |
Mortgage Broker | Mortgage Broker License
b. File a personal bond or 3rd-party guarantee for $10,000 (secured by a certificate of deposit, a debt security acceptable to the Division of Banking, or an irrevocable bank letter of credit from a financial institution authorized to do business in Wisconsin)
c. Submit reviewed or audited financial statements that establish a current minimum net worth of $100,000
After January, 1 2011:
All Brokers will need $120,000 surety bond and $100,000 net worth. No more bona fide offices.
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$100 – Foreign CorpEntity App
$125 – Registered Agent Fee
$850 - Company License Fee
$1,200 – WI $120k Surety Bond
- Physical In-State Office Required: No
- Qualifying Individual: No
- Minimum Net Worth: $100,000 Reviewed (Audited each year thereafter)
- Surety Bond: Minimum $120,000 for Brokers (increased by $10,000 for each licensed branch location when the number of branch locations exceeds five)
- Branch Licensing: Yes
- Loan Originator Licensing: Yes
- Experience/Education:
- Comments: Until December 31, 2010, Mortgage brokers with a bona fide office must meet only one of the following requirements, (refer to Chapter 224.72(4m)(a), Wis. Stats.):
b. File a personal bond or 3rd-party guarantee for $10,000 (secured by a certificate of deposit, a debt security acceptable to the Division of Banking, or an irrevocable bank letter of credit from a financial institution authorized to do business in Wisconsin)
c. Submit reviewed or audited financial statements that establish a current minimum net worth of $100,000
After January, 1 2011:
All Brokers will need $120,000 surety bond and $100,000 net worth. No more bona fide offices.
License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$100 – Foreign CorpEntity App
$125 – Registered Agent Fee
$850 - Company License Fee
$1,200 – WI $120k Surety Bond
Regulated by:
Wisconsin Department of Financial Institutions
201 W. Washington Ave, 5th Floor
Madison, WI 53703
Telephone: (608) 261-9555
Fax: (608) 261-7200
Ginelle - (608) 266-8891
Sarah Driscol - [email protected]
http://www.wdfi.org/
Wisconsin Department of Financial Institutions
201 W. Washington Ave, 5th Floor
Madison, WI 53703
Telephone: (608) 261-9555
Fax: (608) 261-7200
Ginelle - (608) 266-8891
Sarah Driscol - [email protected]
http://www.wdfi.org/
