Wisconsin § 224.725 - Licensing of mortgage loan originators.

§ 224.725. Licensing of mortgage loan originators.

224.725(1) (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. 224.725(1m) (1m) License exemptions. The following individuals are not required to be licensed under this section: 224.725(1m)(a) (a) A registered mortgage loan originator. 224.725(1m)(b) (b) An employee of a federal, state, or local government agency or housing finance agency who acts as a mortgage loan originator only pursuant to his or her official duties as an employee of the federal, state, or local government agency or housing finance agency. 224.725(1m)(c) (c) An individual engaged solely as a loan processor or underwriter, unless the individual is an independent contractor or represents to the public, through advertising or another means of communication such as the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator. 224.725(1m)(d) (d) An individual who performs real estate brokerage activities only and is licensed under s.