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Can you summarize WIAC DFI-Bkg Chapter 40?
Department of Financial Institutions-Banking > Definitions And Requirements For Mortgage Banking Regulation
Short Summary
This legal document provides definitions for various terms related to mortgage banking regulation. It defines the division of banking, investor, licensee, loan application fee, loan commitment, loan commitment fee, person, trust account, and trust funds. The document clarifies that trust funds do not include nonrefundable loan application fees. It applies to persons who are licensed under s. 224.72 or 224.725, Stats. The document does not mention any exemptions or penalties. It also states that a person who provides funding for a loan must be licensed as a mortgage banker if they are in the business of originating loans directly with loan applicants. However, if the person who provides funding engages the services of a licensed mortgage banker or other lending institution that is lawfully engaged in the practice of originating loans, they are not required to be licensed as a mortgage banker. The document also includes provisions regarding branch locations, trade names, surety bonds, and licensing requirements for loan processors or underwriters. Overall, this document sets out the definitions and requirements for mortgage banking regulation in Wisconsin.
Whom does it apply to?
Persons who are licensed under s. 224.72 or 224.725, Stats
What does it govern?
Definitions and requirements for mortgage banking regulation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin