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, other than the main office identified on the Mortgage Banker License, whether located in Wisconsin or not, which conduct business with Wisconsin residents. |
| Mortgage Broker License (Branch) | This license is required for all offices, other than the main office identified on the Mortgage Broker License, whether located in Wisconsin or not, which conduct business with Wisconsin residents. |
| 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.