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
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
Those who do not have an in-state office must file a $120,000 commercial Surety
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