Wisconsin Mortgage Broker Bond Requirements

To become a mortgage broker or mortgage banker in Wisconsin, you need to submit a mortgage broker bond when getting licensed. Mortgage banker license applicants need to get a $300,000 bond, and mortgage broker license applicants must submit a $120,000 bond.

The Wisconsin Department of Financial Institutions is responsible for issuing and regulating both of these licenses. To get licensed, though, you must apply through the Nationwide Mortgage Licensing System (NMLS).

After registering in NMLS you will get access to the application forms that you need to complete. Along with these forms, you will need to attach your surety bond to the application packet.

Why Do I Need This Bond?

The purpose of this surety bond is to guarantee that mortgage bankers and brokers in Wisconsin will comply with the provisions of Chapter 224, Subchapter III of the Wisconsin Statutes.

If in offering services, a banker or broker violates these provisions and causes losses to a borrower or another individual, a claim can be filed against their bond.

When this occurs, the surety that has issued the bond must evaluate whether the claim is legitimate. If it is, the surety will typically extend compensation to claimants up to the full penal sum of the bond.

Want to know more about how surety bonds work and why they are required? See our detailed ‘What is a surety bond’ guide for a full overview!

Start your surety bond application today! Why us?
  • Pay and print your bond in minutes
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

See the sections below to find out more about the cost of your bond, and how to apply!

Call us at (866)-450-3412 anytime if you have any questions about the bonding process or requirements.

How Much Does It Cost to Get a Wisconsin Mortgage Broker Bond?

Applicants for a Wisconsin mortgage banker license must post a $300,000 bond.

Applicants for a Wisconsin mortgage broker license must submit a $120,000 bond.

To get either of these bonds, you must pay a bond premium. This premium is equal to a fraction of the full bond amount. To determine your premium, the surety will evaluate the following indicators of your financial status and stability.

Factors That Determine Your Bond Premium

An applicant’s personal credit score has the greatest impact on their surety bond cost. The higher your score is, the lower your bond rate will be. Reversely, the lower your credit score is, the more expensive it will be for you to get bonded.

For example, if you have a high credit score, one of 700 FICO, or more, you will be bonded at a rate between .75% and 1.5% of the total amount of your bond.

If your credit score is lower than that, you can expect to be offered a rate of up to 3% on your bond. Finally, if your score is currently very low, you will be bonded at a rate upward of 3%.

In addition to your credit score, the surety will usually also request to review other aspects of your financials, such as your:

  • Personal and business financial statements
  • Fixed and liquid assets
  • Work experience and record

To learn about how the bond cost is determined and which factors influence it, see our surety bond cost guide for more information!

Want to get an estimate of your bond premium, based on your credit score? See the table below!

Wisconsin Mortgage Broker Bond Cost Based on Credit Score
License type Bond Amount Credit Score
Above 700 650-699 600-649 Below 599
Mortgage broker $120,000 $900-$1,800 $1,200-$3,600 $1,800-$4,800 $3,600-$8,400
Mortgage banker $300,000 $2,250-$4,500 $3,000-$9,000 $4,500-$12,000 $9,000-$21,000

How to Get a Wisconsin Mortgage Broker Bond

Are you ready to get bonded? Click on the banner below and complete our short bond application form.

We will then provide you with a free quote on your bond as well as with more information about how to complete the bonding process.

Start your surety bond application today! Why us?
  • The lowest possible rates
  • A 100% money-back guarantee
  • Access to specialty programs, not available to small agencies

If you’d like to speak to someone in person about getting a bond as a mortgage broker or mortgage banker in Wisconsin, call us at (866)-450-3412!

Bryant Surety Bonds is licensed to help businesses get bonds in all 50 states. We can assist you to get bonded as a mortgage broker anywhere in the country, and in more than one state at once!


About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.