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Detailed Information for : Loan Originator
Description:
An individual who, on behalf of a mortgage banker or mortgate broker, finds a loan or negotiates a land contract, loan or commitment for a loan. Any individual, including an officer, W-9 subcontractor employee or W-2 hourly or salaried employee who performs such activities on behalf of a mortgage banker or mortgage broker, must be licensed.  
License Type:
Original  
Duration:
2 years.  
Fees:
Registration fee of $250.00; renewal fee of $250 every two years from the month the license is issued; additonal $100 fee if renewing after expiration date.  
Prerequisites:
Verification by signature of licensed mortgage broker or mortgage banker, as provided in Sec. 224.72 (3), Wis. Stats. Supply individual's Social Security number.

A loan originator may only work on behalf of ONE mortgage banker or mortgage broker at any given time. A loan originator that wishes to work on behalf of a new registered mortgage banker or mortgage broker must apply on forms prescribed and provided by the division and submit the required fee, as provided in Chapter DFI - Banking 41 of the Wisconsin Administrative Code.  
Wisconsin Statutes:
Administrative Rules/Codes:
Contact Information
Contact:
Mortgage Banking Section
Home Page:
E-mail :
Hours of Operation:
7:45 a.m. - 4:30 p.m., Monday through Friday  
Phone:
(608)266-8308  
Fax:
 
TTY/TDD:
 
Mail Address:
PO Box 7876, Madison, WI 53707-7876  
Street Address:
201 West Washington Avenue, Madison, WI 53703  
Agency Web Site:
 
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For additional assistance with business-related license, permit and registration information, visit the Wisconsin Small Business Development Center at http://www.wisconsinsbdc.org or phone them at 608-263-7680.


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