Wisconsin Mortgage Broker or Banker Bond
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How Much Do Wisconsin Mortgage Broker/Banker Bonds Cost?
Mortgage brokers in Wisconsin must file a $120,000 bond while mortgage bankers need a $300,000 bond. The cost is calculated as a small percentage of the bond total — typically 0.5–3%.
If you work as a mortgage professional in several states, we offer mortgage industry license bonds nationwide.
What Is a Wisconsin Mortgage Broker/Banker Bond?
Wisconsin mortgage broker and banker surety bonds ensure that consumers who are wronged in the process of a mortgage transaction have a means of compensation for unjustified financial losses.
Unethical acts covered by these bonds include the following:
- Approving a borrower for a loan they cannot possibly pay off
- Encouraging buyers to engage in fraud during the application process
- Pressuring buyers into risky loans with high interest rates
- Establishing an interest rate based on factors other than credit score
- Charging unnecessary fees
- Targeting at-risk buyers
How to Get a Mortgage Broker or Banker Bond in Wisconsin
With SuretyBonds.com, you can get your Wisconsin mortgage broker or banker bond in just three easy steps:
- Apply for your surety bond online
- Receive a free quote within one business day
- Checkout on our secure, online portal
That’s it! We’ll file your official bond directly with the NMLS and provide an email copy for your records.
How Do Wisconsin Mortgage Broker/Banker Bonds Work?
If the principal (mortgage broker/banker) violates the bond terms, the surety company will pay valid claims to harmed parties up to the full bond amount. The principal must then reimburse the surety company.
These bonds remain active unless canceled by the surety or the principal. If either party decides to terminate the bond early, they must provide 60-days’ written notice to the Department of Financial Institutions.
How to Become a Licensed Mortgage Broker or Banker
To become a Wisconsin mortgage broker or banker, licensees must follow the Department of Financial Institution’s application requirements and apply online through the NMLS.
Find specific application steps for the license type you need below:
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
