|
Loan Originators
Mortgage Bankers / Brokers
Search Licensees
Licensee Lists
Frequently Asked Questions
Statutes & Rules
Fees
Forms
 |
Mortgage Banking
Important Information
for Renewals
Licensing
Complaints
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
|
