Current Company Licensees/Registrants:
All licensed mortgage bankers and mortgage brokers shall transition their license information onto the Nationwide Mortgage Licensing System between January 2, 2010 and March 31, 2010. The division may suspend the license of any mortgage banker or mortgage broker that has not transitioned their license information onto the Nationwide Mortgage Licensing System by March 31, 2010.
Current Mortgage Loan Originator Licensees:
All licensed mortgage loan originators shall transition their license information onto the Nationwide Mortgage Licensing System between January 2, 2010 and March 31, 2010. Any mortgage loan originator who does not transition their license information onto the Nationwide Mortgage Licensing System by March 31, 2010 shall pay a late transition fee of $100, if the license information is transitioned between April 1, 2010 and May 31,
2010, and a late transition fee of $200, if the license information is transitioned between June 1, 2010 and December 31, 2010.
NOTE: MLO’s must transition in time for the division to approve the transition request in order to renew. Renewal begins November 1st in NMLS; transition requests received after September 30th are not guaranteed to be reviewed for a timely renewal.
It is important that current licensees have their Wisconsin license number available when completing and submitting their Form MU4.
NOTE: If you have submitted a Form MU4 in another state, then you do not need to re-enter your record into NMLS. You will only need to identify the appropriate license in Wisconsin and complete a few state specific fields.
Loan originators can complete and submit Form MU4 themselves or their company can complete Form MU4 and have the loan originator log in to the NMLS and electronically attest to its accuracy.
Mortgage Loan originators licensed prior to January 1, 2010 must meet the additional requirements listed below by December 31, 2010.
Additional requirements will include:
- Certification that 20 hours of pre-licensure education courses have been completed
- Passing Score on the National Component of the SAFE Test
- Passing score on the Wisconsin State component of the SAFE test
- Satisfactory FBI criminal background check including fingerprints
- Division of Banking satisfactory review of a credit report
- License Sponsorship in NMLS by your company
License Descriptions and Checklists