The Wisconsin Department of Financial Institutions in Madison oversees all aspects of the Mortgage Brokers in Wisconsin.

All Wisconsin mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Wisconsin-required content.   A minimum of eight hours per year of continuing education is required nationally per year, per the SAFE act.

The licensing fee for NMLS for Loan Originators is $319. The licensing fee for a broker is $850. Click on the links in the preceding sentences for more details about each license.

Mortgage Brokers who are located in a different state and only handle their transactions by mail or telephone also need to be licensed as a Wisconsin Mortgage Broker.

Mortgage Brokers are not required to have a bona fide office in the state. However, the financial responsibility licensing requirements are different for those without an in-state office. A bona-fide office is one that has regular hours of operation, is accessible to the public, and is where the business is transacted. Whoever staffs the office must be licensed. Neither the office nor the employees are to be shared with another entity. The office is where the books and records are kept, and an office in one?s home qualifies if it is the only business ran out of the home and also meets the above requirements.

Those who do not have an in-state office must file a $120,000 commercial Surety Bond and also have a proven net worth of $250,000. Illinois is currently the only other state with a similar requirement.

The Wisconsin Association of Mortgage Brokers (WAMB), provides many online educational courses for its members. The main goal of the association focuses on those with a Mortgage Broker career being completely knowledgeable and informed on every aspect of the mortgage financing business. For those who want to become a Mortgage Broker in Wisconsin, contact with WAMB provides a solid foundation. The association is an affiliate of the National Association of Mortgage Brokers.

Wisconsin Mortgage Forms	Wisconsin Reciprocity States
Most Mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. Getting Licensed in Wisconsin Mortgage Banker and Mortgage Broker Licensees Information. Mortgage Broker Bond Form	N/A (as of 2/23/2010)
Wisconsin Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Mortgage Brokers page of the WDFI website for the latest list of approved schools.