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The Wisconsin Department of Financial Institutions is the authority on mortgage broker and mortgage banker licensing compliance. The licensing requirements are established in Wisconsin Statutes Chapter 224. A surety bond is required for both types of licenses.
This surety bond is an agreement between three parties:
- Principal: The mortgage broker or mortgage banker that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
A surety bond provides assurance that a person impacted by a mortgage broker’s or mortgage banker’s unethical actions can be compensated fairly. Once the surety receives a claim, it investigates the claim’s validity. The claimant is compensated by the surety if the claim is validated. The principal is required to reimburse the surety company for the total claim amount.
Complying with the state's regulations helps avoid claims against the bond.
How Much Does a Mortgage Broker or Mortgage Banker Bond Cost in Wisconsin?
The cost of a Wisconsin mortgage broker bond is between $1,200 to $12,000. This is based on the required bond amount of $120,000. For mortgage bankers, the cost of the bond is between $3,000 and $30,000. The required bond amount for mortgage bankers is $300,000.
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Wisconsin Mortgage Broker or Mortgage Banker Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$120,000 |
$1,200 - $3,600 |
$3,600 - $6,000 |
$6,000 - $12,000 |
|
$300,000 |
$3,000 - $9,000 |
$9,000 - $15,000 |
$15,000 - $30,000 |
Some of our customers are curious about the factors impacting how much a bond costs. In addition to reviewing credit scores, we look at the applicant’s industry experience, bond experience and finances.
How to Get a Mortgage Broker Bond in Wisconsin
1. Apply For Your Bond
Obtaining a Wisconsin mortgage broker bond or mortgage banker bond is an easy process with three steps. To get started, use one of two convenient methods to apply for a surety bond.
- Apply for a bond online – Our online application is available 24/7. Typically, our customers can complete this form in a few minutes.
- Call us at (888) 592-6631 – Our bond specialists are happy to answer your questions and take your application by phone.
When applying, you will need:
- Bond name (Mortgage Broker Surety Bond or the Mortgage Banker Surety Bond)
- Bond amount ($120,000 to $300,000)
- Email and contact information
2. Get a Quote
Deliver bond quotes to our valued customers immediately by email. As you review your quote, please let us know if you have any revision requests. Our bond experts are available to review the quote with you upon request.
3. Purchase Your Bond
Our customers appreciate the convenience of signing the bond documents and making the payment online. Once these steps are completed, we will email the original bond to you.
Wisconsin Mortgage Broker or Banker Bond Requirements
When applying for a Wisconsin mortgage broker license or mortgage banker license, an electronic surety bond must be submitted through the NMLS. The Wisconsin Department of Financial Institutions oversees licensing for mortgage brokers and bankers. Compliance requires submitting the correct bond form. These are Mortgage Broker Surety Bond and the Mortgage Banker Surety Bond.
These are continuous bonds that remain active until canceled. The surety can cancel the bond by providing the obligee and the principal with a 30-day written notice.
If you have any questions regarding the definition and role of mortgage brokers and bankers in Wisconsin, the required bond amount, etc., please contact us.
One of our new customers had questions about the mortgage broker surety bond requirement. She contacted us directly, and our bond experts happily answered all of her questions. After learning more about the requirement, she used the online application to quickly get a bond quote. She enjoyed our friendly customer service and easy process.
How to Get Your Mortgage Broker License in Wisconsin
The licensing process for Wisconsin mortgage brokers and mortgage bankers is completed via the Nationwide Mortgage License System. When applying for a license, you must submit the following items:
- Application
- Surety bond
- Financial statement
- Good Standing Certificate
- Formation documents
- Credit report
- FBI criminal background check
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler. https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Wisconsin Department of Financial Institutions. (n.d.). Wisconsin Department of Financial Institutions. https://dfi.wi.gov/Pages/Home.aspx
Wisconsin Department of Financial Institutions. (n.d.). Mortgage broker bond form. https://mortgage.nationwidelicensingsystem.org/slr/StateForms/WI2-Broker-Bond.pdf
Wisconsin Department of Financial Institutions. (n.d.). Mortgage banker license electronic surety bond form. https://mortgage.nationwidelicensingsystem.org/slr/StateForms/WI_Mortgage%20Banker%20License%20ESB_V1.pdf
Wisconsin State Legislature. (n.d.). Chapter 224: Financial institutions—general provisions. https://docs.legis.wisconsin.gov/statutes/statutes/224