224.725 Licensing of mortgage loan originators.

122 words·~1 min read·/wi/chapter-224/224-725

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)License required. Except as provided in subs.

(1m)and

(1r), an individual may not regularly engage in the business of a mortgage loan originator with respect to a residential mortgage loan, or use the title “mortgage loan originator,” advertise, or otherwise portray himself or herself as a mortgage loan originator in this state, unless the individual has been issued by the division, and thereafter maintains, a license under this section. Each licensed mortgage loan originator shall register with, and maintain a valid unique identifier issued by, the nationwide multistate licensing system and registry.

(1m)License exemptions. The following individuals are not required to be licensed under this section:

(a)A registered mortgage loan originator.