Mortgage Banking

Licensing

• Loan Originators
• Bankers/Brokers
• Licensee Lists

Complaints

• File a Complaint

What's New

• 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
• Emergency Rule effective May 4, 2009 relating to the Transition from a Registration System to a License System (PDF: 39 KB / 6 pages)
• The mandatory compliance date for the federal identity theft red flags regulation has been extended to May 1, 2009. The regulation may be found at : www.ftc.gov/os/fedreg/2007/november/071109redflags.pdf (external link) Information about the extension may be found at: www.ftc.gov/opa/2008/10/redflags.shtm
• Continuing Education

Other Information

• Notice of Interest Rate on Required Residential Mortgage Loan Escrow Accounts for 2009 (PDF: 8 KB / 1 page)
•   Historical Interest on Escrow Rates  (PDF: 11 KB / 1 page)
• Recent amendments to Section 224, Wis. Stats., - Changes made to the definition of "Loan" and to appraisal report requirements. Effective 4/22/08. (PDF: 279 KB / 1 page)
•   Statement on Subprime Mortgage Lending  (PDF: 81 KB / 9 pages)
• Guidance on Nontraditional Mortgage Product Risks (PDF: 84 KB / 11 pages)
• Prepayment Penalties on Variable Rate Loans (PDF: 42 KB / 1 page)
•  Legislation Informational Packet for Mortgage Bankers and Mortgage Brokers effective July 1, 2005  (PDF: 4.2 MB / 78 pages)
• Employment Training Periods and Loan Originators
• Industry Alert on Mortgage Loan Satisfaction
• Industry Alert: Homeowners Insurance Policy Limits
• OTS Announces Parity Act Changes: (PDF: 121 KB / 60 pages)
  The Office of Thrift Supervision (OTS) removed prepayment penalties and late fees from the list of OTS regulations that applied to state housing creditors under the Alternative Mortgage Transactions Parity Act (Parity Act). This means that state housing creditors, such as mortgage bankers, are subject to state laws and regulations concerning prepayment penalties and late fees, rather than OTS rules. Federally-chartered thrifts supervised by OTS will continue to follow OTS rules. These changes to the Parity Act became effective on July 1, 2003.
• Variable Rates on Mortgage Loans
• View Administrative Orders Issued (last updated: 11/03/09)