Mortgage Banking

Mortgage Banking primarily regulates and supervises loan originators, mortgage bankers and mortgage brokers. The Nationwide Mortgage Licensing System & Registry (NMLS), a mortgage licensing system operated by state financial regulators, including Wisconsin was launched in 2010. Wisconsin has transitioned to using NMLS for all of it's mortgage licensing.

COVID-19 Information & Resources

In response to the outbreak of COVID-19, the Department of Financial Institutions, Division of Banking (“Division”) is issuing the following directive concerning licensed mortgage loan originators working from home, whether located in the State of Wisconsin or another state, even if the home is not a licensed or registered office or branch office of the sponsoring mortgage banker, mortgage broker, or registered entity.

The Division will take a no-action position concerning a licensed mortgage loan originator working from a location that is not a licensed or registered office or branch office effective immediately, upon compliance with all of the following criteria.

1. The mortgage banker, broker or registered entity sponsoring the mortgage loan originator must notify the Division by sending an email to DFIMortgageBanking@wi.gov. No response will be issued to the email submission due to the no-action position.
2. The licensed mortgage banker, broker or registered entity sponsoring the mortgage loan originator must maintain a list of mortgage loan originators who elect to work from home where the home is not a licensed branch. The list should include the name of the licensed individual, address where the individual is working and dates during which the individual worked at that address. The list must be submitted to the Division upon request.
3. The mortgage banker, broker or registered entity shall enact appropriate data security measures and reasonable supervision of the acts of the mortgage loan originator.
4. Physical business records are not maintained at the unlicensed location.
5. Consumers may not be present at the unlicensed location.

This directive remains in place until changed or withdrawn by the Division.

The Division is willing to work with licensees who are taking measures in response to the outbreak of COVID-19 that involve relocating employees or licensable activities. Specific requests may be submitted for approval to DFIMortgageBanking@wi.gov. We recommend utilizing this email address to contact the Division in lieu of calling due to our telework arrangements.

LICENSEE LOOKUP

DFI plays a key role in strengthening Wisconsin's financial future by protecting the safety and soundness of Wisconsin's financial institutions, safeguarding the investing public, facilitating commerce, and increasing financial capability throughout the state. The licensing of mortgage bankers, mortgage brokers, and mortgage loan originators aids in the protection of and promotes confidence in the Wisconsin consumer as they borrow or refinance their mortgage on residential real property. To look up a Wisconsin licensed mortgage banker, mortgage broker or mortgage loan originator, visit NMLS Consumer Access here:

Wisconsin Act 360

Passage of 2013 Wisconsin Act 360 ("Act 360") makes some important changes to ch. 224, Stats.
Please visit the Wisconsin Legislative Documents website to view Act 360: 2013 Wisconsin Act 360.

Additional information and a brief review of Act 360 was sent to WI licensed mortgage bankers and mortgage brokers, a copy of that communication can be found here:
Wisconsin Act 360 communication

With the passage of Act 360, bona fide nonprofit organizations, as defined in s. 224.71(1br), Stats., may be exempt from obtaining a Wisconsin mortgage banker and/or mortgage broker license. To qualify for an exemption, the organization must provide the division a copy of the checklist and all required documentation found on our Forms page.

NMLS Links

For all licensing and continuing education for Loan Originators, Mortgage Bankers and Mortgage Brokers.

Mortgage Loan Originator Fee Waiver for Wisconsin Veterans

More NMLS Links

• Continuing Education through NMLS
• Test Content Outlines
• Wisconsin State Licensing Requirements on NMLS
• NMLS Resources & Support

Additional Information

• Cybersecurity 101 – a resource developed by the Conference of State Bank Supervisors intended to be an easily-digestible, non-technical reference guide to help executives develop a comprehensive, responsive cybersecurity program in line with best practices
• Ransomware Self-Assessment Tool – a resource developed by the Conference of State Bank Supervisors in conjunction with the Bankers Electronic Crimes Taskforce and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security
• Federal Trade Commission’s Cybersecurity for Small Business Resources – a set of cybersecurity resources developed in partnership with the National Institute of Standards and Technology, the U.S. Small Business Administration, and the Department of Homeland Security
• License Definitions
• File a Mortgage Banking Complaint
• Announcement from CSBS regarding new SAFE MLO Test
• Federal Reserve - Truth in Lending Compliance is mandatory beginning on April 1, 2011
• Notice of Interest Rate on Required Residential Mortgage Loan Escrow Accounts
• Historical Interest on Escrow Rates 
• 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).
•   Statement on Subprime Mortgage Lending 
• Guidance on Nontraditional Mortgage Product Risks
• View Mortgage Banking Administrative Orders Issued