Mortgage Banking: Annual
Report Requirements
For Mortgage Bankers and Mortgage Brokers
Each year, mortgage bankers and mortgage brokers must
submit an annual report to the Division of Banking,
according to s. 224.74(1), Wis. Stats.
- Mortgage bankers and mortgage brokers who qualify for
their license by demonstrating a minimum net worth
must submit a copy of an audit of their operations that
has been conducted by an independent certified public
accountant. The audit must be prepared in accordance with
generally accepted auditing standards, and the financial
statements in the audit must be prepared in accordance
with generally accepted accounting principles. The audit
is due 6 months after the end of the mortgage banker's or
mortgage broker's fiscal year end.
- Mortgage bankers and mortgage brokers that qualify
for their license by means that do not include a
net worth requirement must submit a set of internally
prepared financial statements that have been certified to
be true and correct by a sole proprietor, partner, member
or officer of the organization. These financial
statements are due on April 30th of each
year.
The table below indicates which type of annual report a
mortgage banker or mortgage broker should submit according
to the financial requirement they use to qualify for their
license.
|
License Type
|
Financial Requirement Met
|
Type of Report to Submit
|
Date Due
|
|
Mortgage Banker
|
Government Approval
|
Financial Statements
|
April 30th
|
|
Mortgage Banker
|
$25,000 Surety Bond
|
Financial Statements
|
April 30th
|
|
Mortgage Banker
|
$25,000 Guaranty
|
Financial Statements
|
April 30th
|
|
Mortgage Banker
|
$25,000 Net Worth & Line of Credit
|
Independent Audit
|
6 months after fiscal year end
|
|
Mortgage Banker
|
$100,000 Net Worth
|
Independent Audit
|
6 months after fiscal year end
|
|
Mortgage Banker
|
$300,000 Surety Bond & $250,000 Net Worth
|
Independent Audit
|
6 months after fiscal year end
|
|
Mortgage Broker
|
$10,000 Surety Bond
|
Financial Statements
|
April 30th
|
|
Mortgage Broker
|
$10,000 Guaranty
|
Financial Statements
|
April 30th
|
|
Mortgage Broker
|
$100,000 Net Worth
|
Independent Audit
|
6 months after fiscal year end
|
|
Mortgage Broker
|
$120,000 Surety Bond & $250,000 Net Worth
|
Independent Audit
|
6 months after fiscal year end
|
You can view the details of your license online,
including the annual report received date, using the
Licensee Information Inquiry at www.pulseportal.com.
Mail Mortgage Banker and Mortgage Broker Annual Reports to:
Department of Financial Institutions
Mortgage Banking Bureau, 4th Floor
345 W. Washington Avenue
Madison, WI 53703
|
