What if a loan originator ceases employment with a mortgage banker or mortgage broker and forms his or her own mortgage company?
The person must register as a mortgage broker or mortgage banker, depending on the types of activities conducted. If the new business is a corporation, partnership or limited liability company, the entity must be licensed as the banker or broker, and the person’s loan originator license should be transferred to the new business. If the person is a sole proprietor, then he or she must register as the mortgage banker or mortgage broker as well as transfer his or her loan originator license to the new mortgage banker or mortgage broker license. In either case, a trade name must be registered with the Department of Financial Institutions.
Related Questions
- How should a licensed mortgage banker or mortgage broker notify the division that a loan originator no longer works on their behalf?
- What if a loan originator ceases employment with a mortgage banker or mortgage broker and forms his or her own mortgage company?
- My Wisconsin license as a loan originator, mortgage broker, or mortgage banker expires on or after January 1, 2009, what do I do?
