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Mortgage Banking Definitions

Company Licenses Description
Mortgage Banker License This license is required of anyone who originates residential mortgage loans; sells residential mortgage loans or interests in residential mortgage loans; services residential mortgage loans; or provides escrow services.
Mortgage Broker License This license is required of anyone who, on behalf of a residential mortgage loan applicant or an investor and for commission, money or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.
Branch Licenses Description
Mortgage Banker License (Branch) This license is required for all offices or places of business, other than the principal office, located in this state or another state, where a mortgage banker engages in the mortgage loan business subject to subch. III, ch. 224, Stats.
Mortgage Broker License (Branch) This license is required for all offices or places of business, other than the principal office, located in this state or another state, where a mortgage broker engages in the mortgage loan business subject to subch. III, ch. 224, Stats.
Individual Licenses Description
Mortgage Loan Originator License This license is required of any individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

All licenses expire on December 31st of each year.

For more information on licensing requirements, please refer to the NMLS Website.