The State of Wisconsin requires anyone who wishes to conduct business as a mortgage broker to be licensed with the Wisconsin Department of Financial Institutions (DFI). License applications are submitted through the Nationwide Mortgage Licensing System (NMLS), and total licensing costs are $850, including NMLS fees. All fees collected through the NMLS are not refundable, and additional requirements for Wisconsin can be found on the NMLS – Wisconsin webpage.
Per Chapter 224 – Subchapter III of the Wisconsin statutes, mortgage brokers are required to submit and maintain a $120,000 surety bond as part of their licensing requirements. Once the bond is purchased, the surety will submit an Electronic Surety Bond (ESB) via the NMLS website to complete this requirement.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.