Wisconsin Mortgage Broker or Banker Bond
What is a Wisconsin Mortgage Broker or Banker Bond?
Mortgage Broker Bonds and Mortgage Banker Bonds are required as part of the licensing process for these professionals in Wisconsin. The Mortgage Banking division of the Wisconsin Department of Financial Institutions oversees the licensing and compliance process for the disciplines. A $120,000 bond is required for mortgage brokers and a $300,000 bond is required for mortgage bankers.
The bonds guarantee that the bonded party will comply with the rules, regulations and guidelines established by the state. Typically, mortgage professionals will be required to apply for surety bonds in each state in which they operate and mortgage bond amounts and obligations vary by state. As a leading mortgage bond provider, Surety Bonds Direct is here to help you through this process.
Mortgage Broker or Banker Bonds And Getting Your Wisconsin Business License/Registration
The Wisconsin Department of Financial Institutions regulates, oversees and supervises mortgage loan originators, mortgage bankers and mortgage brokers in the state of Wisconsin. The Nationwide Mortgage Licensing System & Registry (NMLS) must be used to apply and manage mortgage licensing in the state. NMLS is a nationwide mortgage licensing system operated by state financial regulators including Wisconsin.