Our Offices will be closed on: Wednesday, December 24th, and Thursday, December 25th, 2014
The Department of Financial Institutions will be closed on Wednesday, December 24th, and Thursday, December 25th, 2014.
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. There will be no mail delivery to the Department on holidays or weekends. There also will be no staff to accept courier deliveries.
To see future days that the Agency will be closed, click 2014 Closure Dates. (PDF: 69 KB / 1 page)
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.
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 (PDF: 28 KB / 1 page)
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.
More NMLS Links
- Continuing Education through NMLS
- Test Content Outlines
- Wisconsin State Licensing Requirements on NMLS
- NMLS Resources & Support
- 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 for 2015 (PDF: 54 KB / 1 page)
- Notice of Interest Rate on Required Residential Mortgage Loan Escrow Accounts for 2014 (PDF: 13 KB / 1 page)
- Historical Interest on Escrow Rates (PDF: 15 KB / 1 page)
- 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)
- Statement on Subprime Mortgage Lending (PDF: 81 KB / 9 pages)
- Guidance on Nontraditional Mortgage Product Risks (PDF: 84 KB / 11 pages)
- View Mortgage Banking Administrative Orders Issued (last updated: 7/17/13)