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.
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.
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.
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.
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.
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.
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