Wisconsin Mortgage Broker Bond and Mortgage Banker Bond
To qualify for a mortgage broker or banker license within the State of Wisconsin, either a $120,000 Mortgage Broker Bond or a $300,000 Mortgage Banker Bond is required by the Department of Financial Institutions.
Both the Mortgage Broker Bond and the Mortgage Banker Bond provide financial protection to the public. This means that if the licensee violates state mortgage regulations (e.g. commits negligence, misrepresentation, a breach of contract, and/or fraud), funds from the appropriate surety bond may act as a means of restitution for the damaged claimant.
Jet has partnered with Lexington National Insurance Corporation to compare bond rates and find the price that works best for you. The cost of each Wisconsin Mortgage License Bond is a small percentage of the state-required limit and is based on a soft credit check of the bond applicant.
View the chart below for details on the preferred tier rates and various bond terms available.
Surety Bond
Monthly
1-Year
$120,000 Mortgage Broker Bond
$45
$450
$300,000 Mortgage Banker Bond
$113
$1,125
WI Mortgage License Bonds Pricing*
*Pricing reflected is not a guarantee, as the final quote for the bond is based on personal credit as stated above. Please note that not all available price tiers are shown.
The Wisconsin Department of Financial Institutions utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage broker and banker licenses, as well as the filing of surety bonds. So once you purchase one of the available Mortgage License Bonds, it must be filed with the NMLS.
If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.