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.
COVID-19 Information & Resources
In response to the outbreak of COVID-19, the Department of Financial Institutions, Division of Banking (“Division”) is issuing the following directive concerning licensed mortgage loan originators working from home, whether located in the State of Wisconsin or another state, even if the home is not a licensed or registered office or branch office of the sponsoring mortgage banker, mortgage broker, or registered entity.
The Division will take a no-action position concerning a licensed mortgage loan originator working from a location that is not a licensed or registered office or branch office effective immediately, upon compliance with all of the following criteria.
- The mortgage banker, broker or registered entity sponsoring the mortgage loan originator must notify the Division by sending an email to DFIMortgageBanking@wi.gov. No response will be issued to the email submission due to the no-action position.
- The licensed mortgage banker, broker or registered entity sponsoring the mortgage loan originator must maintain a list of mortgage loan originators who elect to work from home where the home is not a licensed branch. The list should include the name of the licensed individual, address where the individual is working and dates during which the individual worked at that address. The list must be submitted to the Division upon request.
- The mortgage banker, broker or registered entity shall enact appropriate data security measures and reasonable supervision of the acts of the mortgage loan originator.
- Physical business records are not maintained at the unlicensed location.
- Consumers may not be present at the unlicensed location.
This directive remains in place until changed or withdrawn by the Division.
The Division is willing to work with licensees who are taking measures in response to the outbreak of COVID-19 that involve relocating employees or licensable activities. Specific requests may be submitted for approval to DFIMortgageBanking@wi.gov. We recommend utilizing this email address to contact the Division in lieu of calling due to our telework arrangements.
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
- 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