Wisconsin Mortgage Broker License & Mortgage Banker License
Wisconsin has two separate licenses. The Broker for brokering activity and Banker for lending and servicing activity. Depending on your intended business activities you may need to obtain both licenses. Wisconsin’s Banker license has the highest surety bond requirement of any state which is $300K, while the bond for the Broker license is only $120K. The net worth requirement for the Banker license is $250K and the net worth for the Broker is $100K. Wisconsin prohibits you from using more than 5 trade names. While Wisconsin does not require an Audited financial statement, you will need to provide a Reviewed financial statement prepared by a CPA.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Wisconsin | Mortgage Broker License | $870 | $900 | $176 | Call for More Information | $1,946 |
| Wisconsin | Mortgage Banker License | $1,120 | $2,250 | $176 | Call for More Information | $3,546 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: $120,000
- Net Worth: $100,000
- Brick & Mortar: No
- Financial Type: Reviewed (Accrual Basis)
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License: Mortgage Banker License
- Operating Status: Lender
- Bond Amount: $300,000
- Net Worth: $250,000
- Brick & Mortar: No
- Financial Type: Reviewed (Accrual Basis)
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**Fees & terms are subject to change without notice.**
In Wisconsin, mortgage broker licensing is regulated by the Department of Financial Institutions (DFI) and managed through the Nationwide Multistate Licensing System (NMLS). The state offers two types of licenses: the Wisconsin Mortgage Broker License, which covers brokering activity, and the Mortgage Banker License, which covers lending and servicing. Depending on the services you plan to provide, you may need one or both licenses to operate legally.
To qualify for a Wisconsin broker license, applicants must designate a Qualified Individual (QI) who holds an active mortgage loan originator license and meets all education and testing requirements. Wisconsin requires applicants to meet financial responsibility standards, including minimum net worth and surety bond amounts, which are determined by license type and loan volume. While an audited financial statement is not necessary, a reviewed financial statement prepared by a CPA must be submitted with the application.
Wisconsin also limits licensees to five trade names and requires all mortgage brokers to maintain accurate books and records accessible for review. A physical office is not required in the state, but strong compliance systems must be in place. For applicants who prepare carefully, the Wisconsin mortgage broker license process is straightforward and transparent.