Who requires it
Wisconsin Department of Financial Institutions — Mortgage Banking
License & permit · Wisconsin
Wisconsin Mortgage Banker & Broker Bond
Applicants for Wisconsin mortgage banker or mortgage broker licenses must file a commercial surety bond under Wis. Stat. § 224.72(4)(am). Mortgage bankers post $300,000; mortgage brokers post $120,000. The bond must be issued by a surety authorized to do business in Wisconsin, secure faithful performance of banker or broker duties, and be payable to the division for the benefit of persons to whom the licensee provided mortgage banker or broker services. The bond form must provide that it may not be terminated without at least sixty days’ written notice to the division. When licensed branch locations exceed five, Wis. Admin. Code DFI-Bkg 40.05 requires a $10,000 increase for each additional licensed branch.
Common bond amount
$300,000 banker; $120,000 broker
Add $10,000 per licensed branch beyond five under DFI-Bkg 40.05; 60-day termination notice to the division.
How you file
Commercial surety payable to the division; stays in force while licensed
Renewal
Keep continuous; 60-day termination notice; renew via NMLS
Who requires it
Companies seeking or holding a Wisconsin mortgage banker or mortgage broker license through DFI Mortgage Banking / NMLS. Individual mortgage loan originators are licensed separately and are not covered by this company surety guide. Depository institutions seeking registered-entity status have a related $300,000 statutory bond path under Wis. Stat. § 224.722 that is distinct from the broker license amount.
How much is required
Wis. Stat. § 224.72(4)(am) fixes $300,000 for mortgage bankers and $120,000 for mortgage brokers. DFI-Bkg 40.05 then adds $10,000 for each licensed branch once the firm exceeds five branch locations. Net-worth requirements under § 224.72(4)(b) are separate from the surety face.
How to get and file it
Arrange a Wisconsin-authorized commercial surety for the correct banker or broker face (plus any required branch add-ons) on a form acceptable to the division, then file it with the mortgage license application materials as DFI / NMLS instructions require. Keep the bond in force while licensed. The statute requires at least sixty days’ written notice to the division before termination. Increase the amount when branch counts cross the DFI-Bkg 40.05 threshold. Renew company and branch licenses through NMLS on the Division’s schedule.
Cost note
Three hundred thousand or one hundred twenty thousand dollars is the required bond amount, not the premium you pay. Branch add-ons increase the amount further. See bond amount vs premium. Bond amount vs premium →
Requirement checklist
- Mortgage banker face
- $300,000 commercial surety
- Mortgage broker face
- $120,000 commercial surety
- Branch add-on
- $10,000 per licensed branch when branches exceed five
- Termination notice
- At least 60 days’ written notice to the division
Official sources
Related resources
Frequently asked questions
Does the mortgage loan originator need a separate bond?
This guide covers the company mortgage banker and mortgage broker sureties under Wis. Stat. § 224.72(4)(am). Individual MLO licensing is a separate credential; confirm any individual bonding questions directly with DFI Mortgage Banking.
Is net worth a substitute for the bond?
No. Wisconsin requires both the statutory surety and minimum net worth evidence for mortgage bankers and brokers. Meeting the net-worth test does not replace the bond.
Surety basics (not repeated here)
Universal surety concepts explained once—linked here instead of repeated on every state or bond page.
Continue with a Wisconsin application
Wisconsin will be preselected. Choose your bond type in the application—we confirm the correct product against your agency form before anything is issued.
Last verified 2026-08-10. This guide is based on verified educational content and official sources.
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