Wisconsin licensed mortgage brokers are regulated by the state’s Division of Financial Institutions.
While this department regulates licensing, the filing of the license, financial statement, and surety bond are accomplished through NMLS (Nationwide Mortgage Licensing System) .
After the purchase of your surety bond, AmeriPro Surety Bonds can electronically file the bond on your behalf.
Currently, the Wisconsin mortgage broker bond is a $120,000 surety bond required of both new and returning applicants.
Applicants for this surety bond will qualify based upon the following:
With our agency, a well-qualified applicant may pay as little as $900 annually, for a Wisconsin mortgage broker surety bond; however, the amount that you may pay can vary somewhat from this amount. Ultimately, the amount will be determined by the results of your application. Our agency will work to find you the fairest surety bond premium.
In some cases, the Wisconsin mortgage broker surety bond can be prepaid for 2 or 3 years. While entirely up to you, if the option is available in your case, doing so allows for a savings over year to year renewal of the bond premium.
The mortgage broker surety bond is a financial guarantee which ensures your compliance with all statutes, regulations, and amendments involved in mortgage brokers. Specific Wisconsin statutes which apply to your profession include Chapter 24, Subchapter III, Mortgage Bankers, Loan Originators, and Mortgage Brokers.
The bond is for the protection of the consumer; it is not a insurance policy on your behalf, though it is required for licensing.
And as the bond’s obligor, you would be required to indemnify the surety (the aggregate total of all claims would be the amount of the bond) for any claims paid against your bond, if such were to ever occur.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, court, and fiduciary surety bonds throughout Wisconsin.
Our agency also provides surety bonds nationwide. Please call our agency today at:
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