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
Remote Work Guidance Effective 10/5/21: New guidance was issued to replace the pandemic-related no-action position pertaining to the remote work of licensed Mortgage Loan Originators and other employees of licensed Mortgage Bankers and Mortgage Brokers in this state. The full guidance document is available here. Any questions or concerns regarding this guidance may be directed to DFIMortgageBanking@wi.gov.
Mortgage loan originators and other employees of mortgage bankers and mortgage brokers, such as individuals engaged solely as loan processors or underwriters, may now work from home if the following requirements are met:
- Mortgage loan originators must be assigned to a licensed or registered office or branch office located within 100 miles of their residence per Wis. Stat. § 224.73(5)(a). If the assigned office is not within 100 miles of the residence, the mortgage loan originator must license their residence with the division as a branch office.
The mortgage loan originator, mortgage broker and mortgage banker must implement measures to keep consumer data and personally identifying information confidential and protected from disclosure.
- Physical business records may not be maintained at a residence that is not a licensed location.
- A virtual private network (VPN) must be used to connect to the office and the option to print documents accessible by VPN from home should be disabled.
- Conversations with or about customers must be private and out of earshot of other members of the household.
- Meetings with consumers may not occur at a residence that is not a licensed location.
The mortgage loan originator, mortgage broker and mortgage banker must maintain information for the division on business-related activities occurring at the residence.
- The mortgage broker or mortgage banker must have measures in place to monitor business calls that occur at the residence, to maintain audio files of the calls, to maintain and safeguard electronic records created while working from home, to monitor and oversee these processes and data security risks, and to provide this information to the division upon request.
- The mortgage broker or mortgage banker must maintain an up-to-date list of mortgage loan originators working from home and the address of the residence and provide the list to the division upon request.
- Regulatory oversight of mortgage loan originators remains the same regardless of whether they are working from home or from a licensed location.
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.
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
- 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