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Become A Mortgage Broker In Wisconsin
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Wisconsin or anyone looking to become a mortgage broker in Wisconsin.
The Wisconsin Department of Financial Institutions in Madison oversees all aspects of the Mortgage Brokers in the Wisconsin. In Wisconsin, a Mortgage Broker is defined as any individual or company that finds a loan, negotiates a loan, originates a loan, or engages in table funding. Those working for or in behalf of a Mortgage Broker in any capacity whatsoever need to be licensed as a Loan Originator. The statutes regarding becoming a Mortgage Broker or Loan Originator are available here.
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.
Those exempt from being licensed as Mortgage Brokers are banks, savings & loan associations, insurance companies, credit unions, attorneys, landlords, and the employees of these companies. Exact details are located here.
While the Mortgage Broker License covers loans other than the first mortgage, there are exceptions, such as when a subordinate mortgage loan falls in the category of being a consumer credit transaction. At the “What’s New” section you can locate the latest news regarding a Mortgage Banker career in Wisconsin.
The application fee for a Mortgage Broker License in Wisconsin is $750.00, and the renewal fee is also $750.00. 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.
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