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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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.