Wis. Stat. § 224.73
Relationship between mortgage loan originator and a mortgage banker, mortgage broker, or registered entity; branch offices
Redline — January 1, 2009 → current.View current text →
Current — January 1, 2013
As of January 1, 2009
(1) Responsibility for mortgage loan originator. A mortgage banker or mortgage broker is responsible for, and shall supervise the acts of, a mortgage loan originator or any other person who otherwise acts on behalf of the mortgage banker or mortgage broker.
(1) Responsibility for mortgage loan originator. A mortgage banker, mortgage broker, or registered entity is responsible for, and shall supervise the acts of, a mortgage loan originator or any other person who otherwise acts on behalf of the mortgage banker, mortgage broker, or registered entity.
(2) Restriction on mortgage loan originator. (a) If the division suspends or revokes a mortgage banker's or mortgage broker's license, a mortgage loan originator may not act on behalf of that mortgage banker or mortgage broker during the period of suspension or revocation. (b) A mortgage loan originator may act on behalf of only the mortgage banker or mortgage broker with which that mortgage loan originator's license is associated in the records of the division, as designated under s. 224.725 (2) (d) . A mortgage loan originator's license may only be associated with one mortgage banker or mortgage broker at a time.
(2) Restriction on mortgage loan originator. (a) If the division suspends or revokes a mortgage banker's or mortgage broker's license or a registered entity's registration, a mortgage loan originator may not act on behalf of that mortgage banker, mortgage broker, or registered entity during the period of suspension or revocation. (b) A mortgage loan originator may act on behalf of only the mortgage banker, mortgage broker, or registered entity with which that mortgage loan originator's license is associated in the records of the division. A mortgage loan originator's license may only be associated with one mortgage banker, mortgage broker, or registered entity at a time.
(3) Transfer by mortgage loan originator. (a) A licensed mortgage loan originator may apply, on forms and in the manner prescribed by the division, to transfer association to another licensed mortgage banker or mortgage broker. The division shall promulgate rules establishing a fee for a transfer application under this subsection. (b) A mortgage loan originator may not act on behalf of a mortgage banker or mortgage broker until the mortgage loan originator's license association has been transferred to that mortgage banker or mortgage broker in the records of the division.
(3) Transfer by mortgage loan originator. (a) A licensed mortgage loan originator may apply, on forms and in the manner prescribed by the division, to transfer association to another licensed mortgage banker or mortgage broker or a registered entity. The division shall promulgate rules establishing a fee for a transfer application under this subsection. (b) A mortgage loan originator may not act on behalf of a mortgage banker, mortgage broker, or registered entity until the mortgage loan originator's license association has been transferred to that mortgage banker, mortgage broker, or registered entity in the records of the division. (5) Mortgage loan originators and branch offices. (a) A mortgage loan originator shall be assigned to and work out of a licensed or registered office or branch office of the sponsoring mortgage banker, mortgage broker, or registered entity. This office shall either be the mortgage loan originator's residence or be within 100 miles of the mortgage loan originator's residence. (b) At each branch office of a mortgage banker or registered entity at which residential mortgage loans are originated for the mortgage banker or registered entity or for another person, and at each branch office of a mortgage broker, there shall be at least one licensed mortgage loan originator assigned to and working out of the office. If an individual is identified as a branch manager for the office, either in the records of the division or in the records of the mortgage banker, mortgage broker, or registered entity, the individual must be licensed as a mortgage loan originator.
(4) Mortgage loan originator signatures and unique identifiers.
(a) Every residential mortgage loan application shall be signed by a licensed mortgage loan originator or by a mortgage loan originator exempt from licensing under s. 224.726 (1) .
(b) Any person originating a residential mortgage loan shall clearly place the person's unique identifier on all residential mortgage loan application forms, solicitations, and advertisements, including business cards or Web sites, and on all other documents specified by rule of the division.
Official source: Wisconsin State Legislature. Reproduced from public-domain Wisconsin statutes; confirm against the official source for the current text. Not legal advice.