Current Company Licensees/Registrants:
Companies holding a Mortgage Banker License or a Mortgage Broker License in Wisconsin have until March 31, 2010 to complete and submit through NMLS a Form MU1 for their company and a Form MU2 for each of their control persons.
It is important that current licensees have all of their Wisconsin license numbers available when completing and submitting their Form MU1 and Form MU3(s).
We encourage you to update your information with Wisconsin Department of Financial Institutions by December 11, 2009, so at the time of transition there will be no pending changes to submit. During the period from January 4, 2010 through December 31, 2010, any licensee that needs to amend or surrender a license, establish or terminate a sponsorship of a mortgage loan officer license, or other action previously completed in paper form or on www.pulseportal.com, must complete these actions within NMLS and at www.pulseportal.com or with the Department of Financial Institutions.
NOTE: If you have submitted these forms in another state, then you do not need to re-enter your company record into NMLS. You will only need to identify the appropriate license in Wisconsin and complete a few state specific fields.
Current Mortgage Loan Originators:
Mortgage Loan Originators should consult with their employer before logging into the NMLS and completing a Form MU4.
Loan originators in Wisconsin have until March 31, 2010, to complete and submit a Form MU4 through the NMLS. Companies employing loan originators are required to Sponsor their license in NMLS. Be advised that the Company MU1, the Branch Location MU3 (when the Loan originator works from a branch) and the Loan originator MU4 must all be submitted prior to the company Sponsoring the loan originators license.
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