Mortgage Banking Definitions
Company LIcenses
| Description |
Mortgage Banker License
| This license is required of anyone who originates residential mortgage loans; sells residential mortgage loans or interests in residential mortgage loans; services residential mortgage loans; or provides escrow services. |
Mortgage Broker License
| This license is required of anyone who, for compensation or gain or in the expectation of compensation or gain, does any of the following but does not make an underwriting decision or close a residential mortgage loan: (a) Assists a person in obtaining or applying to obtain a residential mortgage loan. (b) Holds himself, herself, or itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan. (c) Engages in table funding.
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Branch Licenses
| Description |
Mortgage Banker License (Branch)
| This license is required for all offices or places of business, other than the principal office, located in this state or another state, where a mortgage banker engages in the mortgage loan business subject to Wis. Stat. ch. 224, subch. III. |
Mortgage Broker License (Branch)
| This license is required for all offices or places of business, other than the principal office, located in this state or another state, where a mortgage broker engages in the mortgage loan business subject to Wis. Stat. ch. 224, subch. III. |
Individual Licenses
| Description |
Mortgage Loan Originator License
| This license is required of any individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
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All licenses expire on December 31 of each year.
For more information on licensing requirements, please refer to the NMLS website.
Contact Us
Phone: (608) 261-7578
Email: DFIMortgageBanking@dfi.wisconsin.gov