Wisconsin Surety Bond

[jayschock]

I am a mortgage lender in Minnesota looking to do some limited business in Wisconsin. We act as a lender in the sense that we fund our own loans via warehouse lines and produce our own documents, but we would most likely be acting strictly as a broker for our Wisconsin business.

The information I have obtained states that Wisconsin requires a company net worth of $250,000 as well as a $120,000 surety bond if the company does not have a physical location in Wisconsin. I have excellent credit. What is the process and what can I expect to pay for such a surety bond? Also, what is the timeframe?

Thanks!

[Admin]

Jay,

You can apply for this bond at the following link: Mortgage Lender Bond Application

A bond of this size can not be approved based only on your personal credit. $120,000 bond is rather large for a license bond, the cost can be determined once you complete the necessary applications using the link above. Our agency gives free quotes and there is no further obligation if you do not agree to the terms.

Approval for a bond of this size can take anywhere from 2-5 business days; an agent will review your application in house and send it up to several bonding companies that are most likely to approve you with the lowest rate. We write our bonds and sign on behalf of the bonding company, therefore it is typically no more than 2 business days upon receipt of payment and any original documents to send out your bond.

Let me know if you have any further questions.