State Codes and Statutes

Statutes > Wisconsin > 224 > 224.73

224.73

224.73 Relationship between mortgage loan originator and either a mortgage banker or a mortgage broker.

224.73(1)

(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.

224.73(2)

(2) Restriction on mortgage loan originator.

224.73(2)(a)

(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.

224.73(2)(b)

(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.

224.73(3)

(3) Transfer by mortgage loan originator.

224.73(3)(a)

(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.

224.73(3)(b)

(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.

224.73(4)

(4) Mortgage loan originator signatures and unique identifiers.

224.73(4)(a)

(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).

224.73(4)(b)

(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.

224.73 - ANNOT.

History: 1987 a. 359; 1987 a. 403 ss. 182, 256; Stats. 1987 s. 440.73; 1991 a. 39; 1995 a. 27 s. 6594; Stats. 1995 s. 224.73; 1997 a. 145; 2003 a. 260; 2009 a. 2.

224.73 - ANNOT.

Cross Reference: See also ch. DFI-Bkg 40, Wis. adm. code.