224.72(1r)(f)1.1. The mortgage banker engaged in the business of a mortgage banker on 5 or fewer residential mortgage loans during the previous calendar year. 224.72(1r)(f)2.2. The mortgage banker expects to serve as the prospective source of financing, or to perform other phases of origination or servicing, on 5 or fewer residential mortgage loans in the current calendar year. 224.72(1r)(f)3.3. The mortgage banker does not advertise or otherwise hold himself, herself, or itself out as a “mortgage banker.” 224.72(1r)(g)(g) A person that only performs real estate brokerage activities and is licensed under s. 452.03, unless the person is compensated by a lender, mortgage broker, or mortgage loan originator or by any agent of a lender, mortgage broker, or mortgage loan originator. 224.72(1r)(h)(h) A person solely involved in extensions of credit relating to time-share plans, as defined in 11 USC 101 (53D). 224.72(2)(am)(am) Applicants for a mortgage banker or mortgage broker license shall apply to the division, on forms and in the manner prescribed by the division, and shall pay the fee specified in rules promulgated under sub. (8). The division shall utilize the nationwide multistate licensing system and registry, and the provisions of s. 224.35 shall apply, with respect to mortgage bankers and mortgage brokers. Forms prescribed by the division under this paragraph may contain any content or requirement that the division, in its discretion, determines necessary and these forms may be modified or updated as necessary by the division to carry out the purposes of this subchapter. 224.72(2)(c)1.1. Except as provided in par. (d), an application shall include the following: 224.72(2)(c)1.a.a. In the case of an individual, the individual’s social security number. 224.72(2)(c)1.b.b. In the case of a person that is not an individual, the person’s federal employer identification number. 224.72(2)(c)2.2. The division may not disclose any information received under subd. 1. to any person except as follows: 224.72(2)(c)2.a.a. The division may disclose information under subd. 1. to the department of revenue for the sole purpose of requesting certifications under s. 73.0301 and to the department of workforce development for the sole purpose of requesting certifications under s. 108.227. 224.72(2)(c)2.b.b. The division may disclose information under subd. 1. a. to the department of children and families in accordance with a memorandum of understanding under s. 49.857. 224.72(2)(c)2.c.c. The division may disclose information to the nationwide multistate licensing system and registry as provided in s. 224.35. 224.72(2)(d)1.1. If an applicant who is an individual does not have a social security number, the applicant, as a condition of applying for or applying to renew a license under this section, shall submit a statement made or subscribed under oath or affirmation to the division that the applicant does not have a social security number. The form of the statement shall be prescribed by the department of children and families. 224.72(2)(d)2.2. Any license issued or renewed in reliance upon a false statement submitted by an applicant under subd. 1. is invalid. 224.72(2m)(a)(a) Each mortgage banker or mortgage broker shall obtain and maintain a license for its principal office and a separate license for each branch office. 224.72(2m)(b)1.1. A principal office of a mortgage banker or mortgage broker shall be located in either this state or another state. Except as provided in subd. 2., a principal office may not be located in a residence. 224.72(2m)(b)2.2. A principal office of a mortgage banker or mortgage broker located in a residence on April 25, 2014, may continue to be located in that residence after this date but may not thereafter be relocated to any residence with a different address. 224.72(2m)(c)(c) A branch office of a mortgage banker or mortgage broker shall be located in either this state or another state. A branch office may be located in a residence. 224.72(4)(4) Additional requirements. In addition to the requirements of sub. (2), an applicant for a mortgage banker or mortgage broker license shall do all of the following: 224.72(4)(am)(am) File with the division a commercial surety bond which is in the amount of $300,000 for a mortgage banker or $120,000 for a mortgage broker, is issued by a surety company authorized to do business in this state, secures the applicant’s faithful performance of all duties and obligations of a mortgage banker or mortgage broker, is payable to the division for the benefit of persons to whom the mortgage banker or mortgage broker provided services as a mortgage banker or mortgage broker, is issued on a form that is acceptable to the division and provides that the bond may not be terminated without at least 60 days’ written notice to the division. 224.72(4)(b)(b) Submit evidence that establishes, to the division’s satisfaction, a minimum net worth of $250,000 for a mortgage banker or $100,000 for a mortgage broker. Evidence of net worth shall include the submission of recent financial statements accompanied by a written statement by an independent certified public accountant attesting that he or she has reviewed the financial statements in accordance with generally accepted accounting principles. 224.72(5m)(5m) Completion of licensing process. Except as provided in sub. (7m), upon the filing of an application for a mortgage banker or mortgage broker license and the payment of the fee specified in rules promulgated under sub. (8), the division shall make an investigation of the applicant including, if the applicant is a partnership, limited liability company, association, or corporation, the members or officers and directors, respectively, of the applicant. If the division finds that the character, general fitness, and financial responsibility of the applicant, including its members or officers and directors if the applicant is a partnership, limited liability company, association, or corporation, warrant the belief that the business will be operated in compliance with this subchapter, the division shall issue to the applicant a mortgage banker or mortgage broker license. A mortgage banker or mortgage broker license is not assignable or transferable. 224.72(7)(7) License renewal and reinstatement. A mortgage broker or mortgage banker may apply to renew or reinstate a license issued under this section as provided in s. 224.35 (7).