Mortgage Banking
Our Offices will be closed on:
September 3 and September 6, 2010
The Department of Financial Institutions and Office of Credit Unions will be closed on Friday September 3, 2010 as a result of the day being designated as a Furlough Day for employees of the Department of Financial Institutions and the Office of Credit Unions.
In addition, we will also be closed on Monday September 6, 2010 for Labor Day.
Although the Agency will be closed to the public, Internet Web Services will still be available for individuals who are accessing or filing documents over the Internet. For additional information regarding documents that can be filed or processed over the Internet for a specific program, please visit that program’s information on our web site.
A full list of the days that the Agency will be closed during this calendar year is available by visiting the link shown below:
 2010 Closure Dates (PDF: 18 KB / 1 page)
ALL MORTGAGE LOAN ORIGINATOR LICENSEES:
Remember: You must pass the NMLS National Test Component. The national test component, as well as the currently available state components, is available now at approximately 500 test centers nationwide. It is recommended that mortgage loan originators enroll, schedule and take the national component as soon as possible to ensure test center appointment availability.
You may view the available test component content outlines and detailed information about enrolling and scheduling a test session by visiting the Testing webpage of the NMLS Resource Center at http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx . The MLO Testing Handbook guides candidates through the entire testing process.
The NMLS Wisconsin state component test for WI is NOW available.
Candidates are now able to enroll in and take the Wisconsin Unique State Test Components. For more information, please see Test Content Outlines.
If your name is not on one of the two following lists, you MUST take and pass the NMLS Wisconsin state test component. For more information on how to schedule your test, please see http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx
Pre-Licensing Certification:
The following is a list of active WI licensees that will be submitted to NMLS for Pre-licensing education certification. If your name is not on this list, you MUST complete 20 Hours of NMLS Pre-licensing Education by 12/31/2010. For more information on how to find, schedule, and complete approved education, please see: http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx
The education certification list has not yet been uploaded into the NMLS. We expect that it will be loaded into NMLS in the next few weeks
Active licensees 20 or more WI approved credits to be certified (PDF: 47 KB / 23 pages)
NOTICE: Loan Originators with renewals with expiration dates of 8/1/2010, 9/1/2010, 10/1/2010, 11/1/2010, and 12/1/2010 are subject to the same renewal process that has been in place since 2005 and MUST renew their license on the www.pulseportal.com. Additionally, the renewal requires completion of 16 credits of approved education. Please review the information below. The transition to NMLS does NOT act as a license renewal.
Updated Information
The NMLS Resource Center is the official gateway into the Nationwide
Mortgage Licensing System (NMLS) and provides users with tools, tips,
news and updates. NMLS website is: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
Access the NMLS Resource Center 
Wisconsin specific information can be found at :
http://mortgage.nationwidelicensingsystem.org/slr/transitions/Pages/WITransPlan.aspx
and
http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=wi
Any NMLS system questions, questions regarding the NMLS website,
or how to complete the MU forms can be answered by the NMLS call
center at 240-386-4444. NMLS welcomes your call.
State Regulators Announce Launch of NMLS Consumer Access
The Nationwide Mortgage Licensing System & Registry (NMLS)—a
mortgage licensing system operated by state financial regulators,
including Wisconsin—launched “NMLS Consumer Access” on
January 25, 2010. NMLS Consumer Access is a fully searchable website
that allows the public to view information concerning state-licensed
mortgage companies, branch offices, and individuals currently licensed
through NMLS.
NMLS
Consumer Access website 
Complaints
Important Information
for Renewals
Licensing
What's New
- NMLS User Tutorials
- New
rule effective January 1, 2010 regarding transition to license
system, branch offices, mortgage broker agreements, surety bonds & tradenames
(section 7 effective January 1, 2011. (PDF: 65 KB / 16 pages)
- The following information is important and concerns all new loan
originator applicants AND all loan originators or loan solicitors
applying for the renewal of their license.
The SAFE Act provides that to be eligible for a license, an individual
must not have been convicted of any felony within the preceding
seven years or convicted of certain types of felonies at any time
prior to application.
As of May 4, 2009, Rule DFI – Bkg 47.08(1) , Wis. Stats.,
states that the division shall not approve mortgage loan originator
applications unless the applicant meets the requirements of s.
224.725(3)(a) and (b), Stats., as affected by 2009 Wisconsin Act
2. Section 224.725(3)(b), Wis. Stats., states that the division
may issue to the applicant a mortgage loan originator license if
the division finds that the applicant has not been convicted of,
or pled guilty or no contest to, a felony in a domestic, foreign,
or military court during the 7-year period preceding the date of
the application or, for a felony involving an act of fraud, dishonesty,
breach of trust, or money laundering, at any time preceding the
date of the application.
- Important Information effective for renewals on or after September
1, 2009
Other Information
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