1. Start Your Application
2. Receive Your Free Quote
3. Buy Your Surety Bond
How Much Does a Wisconsin Mortgage License Bond Cost?
A mortgage broker bond costs between $100 and $12,000. A mortgage banker bond costs between $3,000 and $30,000 and a loan company bond. These costs are based on a required bond amount of $120,000 for a mortgage broker and $300,000 for a mortgage banker. Loan company bonds are $5,000 per location, not exceeding $50,000.
Setting up your new bond is easy through our Wisconsin surety company. We offer a hassle-free, quick process. When buying your mortgage broker or banker bond from us, you will pay a premium of 1% to 10% of the bond amount instead of the full sum.
Your bond cost is determined by a combination of factors, including your credit, business credentials and assets. We offer bonds for most credit scores.
A 700 or higher credit score receives a 1% to 3% premium rate. A 600 to 699 score qualifies for a premium rate between 3% and 5%. A 5% to 10% rate is available for a lower score.
Surety Bond Cost Based on Credit Score |
||||
Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
Wisconsin Mortgage Broker Bond |
$120,000 |
$1,200 - $3,600 |
$3,600 - $6,000 |
$6,000 - $12,000 |
Wisconsin Mortgage Banker Bond |
$300,000 |
$3,000 - $9,000 |
$9,000 - $15,000 |
$15,000 - $30,000 |
Wisconsin Loan Company Bond |
$5,000 |
$100 - $150 |
$150 - $250 |
$250 - $500 |
How to Get a Wisconsin Mortgage Broker License Bond
1. Apply for Your Bond Online
It only takes a few minutes to apply for your Wisconsin mortgage broker bond, mortgage banker bond or loan company bond. Fill out the online application to begin our fast, streamlined process. If you have questions while completing the application, our bond experts are ready to help.
Rudy contacted us recently to buy a mortgage broker bond. He wanted to open his new business in Madison quickly and appreciated how easy it was to apply and get a quote. Rudy then paid the premium online and got his bond via email right away. Today, he is growing a profitable business.
2. Review Your Bond Quote
With an instant bond quote, you can learn about the cost of your bond immediately after submitting your application. In the event an application is more complex, we provide a quote within 48 hours.
3. Make Your Premium Payment
When you are ready to wrap up your purchase, take a minute to pay your premium online. Bonds are processed quickly after payment is received. You will receive your bond via email, and a mailed copy is available upon request.
Our surety bond company has more than 10 years of experience serving customers in Wisconsin, and we want to help you set up your bond. If you have questions or concerns, please contact us or call us at (877) 514-5146.
Mortgage Broker or Banker License Bond Requirements in Wisconsin
The Wisconsin Department of Financial Institutions is the governing authority for financial institutions and related licensing in the state. Applications and renewals for mortgage brokers and bankers are processed by the National Multistate Licensing System, or NMLS.
The required amount for a mortgage broker bond in Wisconsin is $120,000. For a mortgage banker, the requirement is a $300,000 bond and for Loan Companies a $5,000 bond per location not exceeding $50,000. When applying through the NMLS, the state’s surety bond forms must be used:
Mortgage Broker Surety Bond form
Mortgage Banker Surety Bond form
The bonds remain in full force until canceled. The Division of Banking from Wisconsin Department of Financial Institutions must receive a written notice of the cancellation at least 60 days in advance.
Our bond experts can help you learn how to get a mortgage broker license and are available to assist with your bond purchase. You can also reach out to the Wisconsin Department of Finance at (608) 266-8818 to learn more.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!