Wisconsin Mortgage Broker Bond

Summary

A Wisconsin mortgage broker bond is a type of surety bond that is required by the Wisconsin Department of Financial Institutions for individuals or companies acting as mortgage brokers in the state. The purpose of the bond is to provide a financial guarantee to the state and consumers that the mortgage broker will adhere to all applicable laws and regulations. To obtain a Wisconsin mortgage broker bond, the broker must work with a surety company who will issue the bond on their behalf. The bond amount required by the state varies based on the volume of loans the broker originates, with a minimum bond amount of $120,000. If a consumer suffers financial losses due to the mortgage broker's actions, they can file a claim against the bond. If the claim is found to be valid, the surety company will pay out the amount of the bond to the consumer, up to the bond amount. Having a Wisconsin mortgage broker bond is a requirement for all mortgage brokers operating in the state. It serves as a protection for consumers and helps ensure that mortgage brokers are held accountable for their actions.

What is an Wisconsin Mortgage Broker Bond? 

Wisconsin Mortgage Broker Bonds are required by Wisconsin’s Department of Financial Institutions to obtain your Mortgage Broker license. The Wisconsin Mortgage Broker Bond amount is set at $120,000. This license is required of anyone who, on behalf of a residential mortgage loan applicant or an investor and for commission, money or other thing of value, finds a residential mortgage loan or negotiates a residential mortgage loan or commitment for a residential mortgage loan or engages in table funding.

The State requires a Mortgage Broker bond for :  

Mortgage Brokers are required to have a starting bond of $120,000 to meet the requirements. The bond increases for every place after 5 places by $10,000. 

Different parts of a bond:

 There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.

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Program:

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Wisconsin Mortgage Broker Bond Information and Requirements:

Mortgage Brokers are required to have a starting bond of $120,000 to meet the requirements. The bond increases for every place after 5 places by $10,000.