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
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 2017
- 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