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MORTGAGE LOAN ORIGINATOR
License Description This license is required of any individual who, for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Pre-requisites for license applications? Education and testing: Pre-licensing education and testing is required for all mortgage loan originators. Pre-licensing education courses and tests will be reviewed and approved by the NMLS and only NMLS approved course providers and testers will be accepted. Approved course providers and testers will be published on the NMLS website. An applicant must complete at least 20 hours of approved education, including all of the following: => 3 hours on federal law and regulations. => 3 hours on ethics, including instruction on fraud, consumer protection, and fair lending issues. => 2 hours on lending standards for the nontraditional mortgage product marketplace. => 12 hours of elective coursework related to the mortgage industry.
Licensing Agency
via Nationwide Mortgage Licensing System
WI Dept of Financial Institutions
201 W. Washington Ave, Suite 500
Madison, WI 53703
(608) 261 7578
DFIMortgageBanking@Wisconsin.gov
Active Status Active
Criminal Record No criminal record prohibitions
Education Specific course required
Exam Third-party exam required
License Type Stand-alone license
License Updated 12/01/2020
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