Chapter DFI-Bkg 44

Register December 2009 No. 648

Chapter DFI-Bkg 44

MORTGAGE BROKER AGREEMENTS AND CONSUMER DISCLOSURE STATEMENTS

DFI-Bkg 44.01   Mortgage broker agreements.

DFI-Bkg 44.02   Consumer disclosure statement.

DFI-Bkg 44.01 DFI-Bkg 44.01 Mortgage broker agreements.

DFI-Bkg 44.01(1) (1) A mortgage broker agreement under s. 224.79 (1), Stats., shall contain all of the following:

DFI-Bkg 44.01(1)(a) (a) The name, address, telephone number and license number of the mortgage broker.

DFI-Bkg 44.01(1)(b) (b) A list of all terms and conditions.

DFI-Bkg 44.01(1)(c) (c) A list of services to be provided.

DFI-Bkg 44.01(1)(d) (d) A disclosure of mortgage broker fees.

DFI-Bkg 44.01(1)(e) (e) A disclosure of application fees.

DFI-Bkg 44.01(1)(f) (f) The signature of the applicant and the date the agreement was signed.

DFI-Bkg 44.01(1)(g) (g) The name and signature of the mortgage loan originator and the date the agreement was signed.

DFI-Bkg 44.01(2) (2) A mortgage broker agreement under s. 224.79 (1), Stats., shall be on white paper sized 8 ½″ x 11″ and in Times New Roman font style 12 or greater.

DFI-Bkg 44.01(3) (3) A mortgage broker agreement shall be on a form prescribed by the department.

DFI-Bkg 44.01 Note Note: A copy of the form and instructions for using the form may be obtained by writing to the Department of Financial Institutions, Division of Banking, Mortgage Banking Section, 201 W. Washington Avenue, Suite 500, P.O. Box 7876, Madison, WI 53707-7876, or may be downloaded from the department’s website, http://www.wdfi.org/fi/mortbank/forms.htm.

DFI-Bkg 44.01 History History: CR 05-012: cr. Register June 2005 No. 594, eff. 7-1-05; CR 09-060: am. (1) (f), cr. (1) (g) Register December 2009 No. 648, eff. 1-1-10.

DFI-Bkg 44.02 DFI-Bkg 44.02 Consumer disclosure statement.

DFI-Bkg 44.02(1) (1) A consumer disclosure statement under s. 224.79 (2), Stats., shall contain all of the following:

DFI-Bkg 44.02(1)(a) (a) The name, address, telephone number and license number of the mortgage broker.

DFI-Bkg 44.02(1)(b) (b) A statement of duties.

DFI-Bkg 44.02(1)(c) (c) A statement of the nature of relationship.

DFI-Bkg 44.02(1)(d) (d) A disclosure of compensation.

DFI-Bkg 44.02(1)(e) (e) The signature of the applicant and the date the agreement was signed.

DFI-Bkg 44.02(2) (2) A consumer disclosure statement shall be on white paper sized 8 ½″ x 11″ and in Times New Roman font style 12 or greater.

DFI-Bkg 44.02(3) (3) A consumer disclosure statement shall be on a form prescribed by the department.

DFI-Bkg 44.02 Note Note: A copy of the form and instructions for using the form may be obtained by writing to the Department of Financial Institutions, Division of Banking, Mortgage Banking Section, 4822 Madison Yards Way, North Tower, 5th Floor, P.O. Box 7876, Madison, WI 53707-7876, or may be downloaded from the department’s website, http://www.wdfi.org/fi/mortbank/forms.htm.

DFI-Bkg 44.02 History History: CR 05-012: cr. Register June 2005 No. 594, eff. 7-1-05.