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)(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. 452.03, unless the individual is compensated by a lender, mortgage broker, or another mortgage loan originator or by any agent of a lender, mortgage broker, or another mortgage loan originator.

224.725(1m)(e)(e) An individual solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D).

224.725(1m)(f)(f) An employee of a bona fide nonprofit organization who acts as a mortgage loan originator only in connection with his or her work duties to the bona fide nonprofit organization and only with respect to residential mortgage loans with terms that are favorable to the borrower.

224.725(1m)(g)1.1. These activities are considered by the Wisconsin Supreme Court to be part of the authorized practice of law within Wisconsin.

224.725(1m)(g)3.3. The attorney carries out the activities in compliance with all applicable laws, rules, and ethics standards.

224.725(1r)(1r) Employment transition; temporary authority.

224.725(1r)(a)(a) An individual who was a registered mortgage loan originator immediately prior to becoming employed by, and who remains employed by, a mortgage banker or mortgage broker licensed under this subchapter and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:

224.725(1r)(a)2.2. The individual has not previously had a mortgage loan originator license suspended or revoked in any governmental jurisdiction.

224.725(1r)(a)3.3. The individual has not been subject to, or served with, a cease and desist order in any governmental jurisdiction or by the director of the federal bureau of consumer financial protection under 12 USC 5113 (c).

224.725(1r)(a)4.4. The individual has not been convicted of any crime that disqualifies the individual under sub. (3) (b) from issuance of a license.

224.725(1r)(a)5.5. The individual was registered with the nationwide multistate licensing system and registry as a loan originator during the one-year period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).

224.725(1r)(b)(b) An individual who is licensed as a mortgage loan originator in another state, who is employed by a mortgage banker or mortgage broker licensed under this subchapter, and who has applied to the division for a mortgage loan originator license is considered to have temporary authority to act as a mortgage loan originator under this subchapter, for the period specified in par. (c), if all of the following apply:

224.725(1r)(b)2.2. The individual was licensed in another state during the 30-day period immediately preceding the date on which the individual furnished the information required under sub. (2) (c).

224.725(1r)(c)1.1. The period during which an individual described in par. (a) or (b) is considered to have temporary authority to act as a mortgage loan originator under this subchapter shall begin on the date on which the individual furnishes to the nationwide multistate licensing system and registry the information required under sub. (2) (c) in connection with the application for a mortgage loan originator license under this subchapter.

224.725(1r)(c)2.b.b. The date on which the division denies, or issues a notice of intent to deny, the application for a mortgage loan originator license.