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Wisconsin Mortgage Banker Bond

The Wisconsin mortgage banker bond is a $300,000 surety bond required of licensees. The state’s Division of Financial Institutions is this industry’s regulatory body. Please call AmeriPro Surety Bonds today at: 844-589-9732.

Wisconsin Mortgage Banker Bond |

AmeriPro Surety Bonds | 844-589-9732

 

 

 

Mortgage Bankers – Wisconsin

 

 

 

Companies and individuals who are mortgage bankers in Wisconsin are regulated by the state’s Department of Financial Institutions.

Licensing, renewals, and the filing of the required surety bond are accomplished via NMLS (the Nationwide Mortgage Licensing System).

Once purchased, our agency can electronically file the mortgage banker surety bond on your behalf.

 

 

 

 

Wisconsin Mortgage Banker Bond: Amount of Surety Bond Required

 

 

 

The Wisconsin mortgage banker bond is a $300,000 surety bond which is statutorily required. The same is likewise true for the Wisconsin mortgage broker bond.

 

 

 

Qualifying and the Estimated Premium Cost

 

 

 

Applying for the Wisconsin mortgage banker bond is done by means of a standard surety bond application, which our agency will provide to you.

Since a requirement for licensing of mortgage brokers includes an audited financial statement, providing that same financial accounting document to our agency will help in the process of underwriting your surety bond.

A well qualified applicant may pay anywhere between $2250 – $3000 annually (we shoot for the lower end of the premium for our customers); however, since information provided on the application, credit scores, and the financial statement vary from one applicant to another, no hard rule can be provided.

What you can count on is that our agency will try to find the best premium pricing available on your behalf.

 

 

 

Duration

 

 

 

Once issued, the mortgage banker surety bond is active for one year from the date of issuance. In some instances — not all — options may exist to prepay your surety bond for 2 or 3 years.

While it is entirely up to you, prepayment of a surety bond allows you savings over year to year renewal of the bond premium.

 

 

 

Its Purpose

 

 

 

The purpose of the Wisconsin mortgage banker bond is a financial guarantee which ensures your compliance with all statutes, rules, regulations, and amendments involved in your profession; namely, 224.72(4)(a)2 of the Wisconsin legislative statutes.

While required of your company, this surety bond protects the consumer who is harmed by the failure of a licensee or any employees, agents, or managers, to act in a lawful manner, and which in turn causes financial harm.

As this surety bond’s obligor, you are responsible to reimburse the surety for any claims paid against your bond, if such were the case. However, the aggregate sum total, excluding attorney fees and costs, will not exceed the sum total of the surety bond.

 

 

 

About Us

 

 

 

AmeriPro Surety Bonds is a surety bonds only agency. Our company provides surety bonds throughout Wisconsin. We also provide mortgage-related surety bonds, and other license and permit bonds, in Wisconsin nationwide.

Please call us today at:

 

 

 

844-589-9732

 

 

 

Or, you may fill out the form below and an agent will contact you…

 

 

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AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

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