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The Wyoming Banking Division is responsible for ensuring licensing compliance of mortgage brokers and lenders. The licensing requirements are defined under Wyoming Statutes 40-23. Per these requirements, licensees must have a surety bond.
This surety bond is an agreement between three parties:
- Principal: The mortgage broker or lender that needs to get the bond.
- Obligee: The entity requiring the principal to get bonded.
- Surety: The company that issues the bond.
A surety bond is an assurance that anyone who has experienced loss related to a mortgage broker’s or lender’s fraudulent or unethical actions can be justly compensated. Upon receiving a claim, the surety investigates the matter. If a claim is validated through the investigation, the surety provides compensation to the claimant.
Then, the principal is liable for reimbursing the surety for the full amount. Because of the steep financial cost associated with a claim, avoiding claims against the bond is in your best interest.
How Much Does a Mortgage Lender and Broker Bond Cost in Wyoming?
The cost of a Wyoming mortgage broker or lender bond is between $250 and $2,500 for one business location. The state requires brokers and lenders to have a $25,000 surety bond. However, an additional $10,000 is required for each branch location.
The bond rate ranges from 1% to 10%. You may also hear this called the cost of the bond or the bond premium. The chart below makes it easy to estimate your bond cost before applying.
|
Wyoming Mortgage Lender and Broker Bond Cost by Credit Score |
|||
|
Surety Bond Amount |
700 or Higher |
600-699 |
599 or Below |
|
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
Some of our valued customers ask how we determine how much a bond costs. Several factors are analyzed to determine the cost of the bond, including the applicant’s bond history, credit scores, finances and industry experience.
How to Get a Mortgage Lender and Broker Bond in Wyoming
1. Apply For Your Bond
Obtaining a Wyoming mortgage broker or lender bond is a straightforward process. First, choose from one of the two convenient application methods.
- Apply for a bond online – Our bond application is available online 24/7. Often, our customers complete the application in a few minutes.
- Call us at (888) 592-6631 – Our bond specialists are happy to answer your questions and accept your bond application by phone.
When applying, you will need:
- Bond name (Surety Bond for Mortgage Lenders and Brokers)
- Bond amount ($25,000)
- Email and contact information
2. Get a Quote
Our customers enjoy receiving a fast bond quote from us after applying. If you prefer, our bond experts can review the quote with you and answer your questions. Please get in touch with us for revision requests.
3. Purchase Your Bond
To finalize your bond purchase, simply pay the invoice and sign the bond documents online. Once this last step is completed, we will email the original bond to you.
Wyoming Mortgage Lender and Broker Bond Requirements
To apply for a Wyoming mortgage broker or lender license, you must include an electronic surety bond when submitting the required documents to the NMLS. The Wyoming Banking Division is the responsible authority for mortgage broker and lender licensing.
The Wyoming Banking Division requires you to use the correct form when submitting the required surety bond. This is the Surety Bond for Mortgage Brokers and Lenders. The bond is continuous, but it can be canceled by the surety. To cancel the bond, the surety will provide a 30-day written notice to the principal and the obligee.
If you have any questions regarding the required bond amount, the definition and role of mortgage brokers and lenders in Wyoming, etc., please contact us.
Recently, we were contacted by a new customer who was applying for a mortgage broker bond for the first time. He needed help completing the application, and our bond experts walked him through the application over the phone. He was grateful for how accessible and friendly our team is.
How to Get Your Mortgage Broker and Lender License in Wyoming
The licensing process for a Wyoming mortgage broker or lender is completed through the Nationwide Mortgage License System. You must provide the following items when applying for a license:
- Application
- Surety bond
- Financial statements
- Credit report
- Business plan
- Certificate of Authority/Good Standing
- Document samples
- Formation documents
- Management chart
- Organizational chart
- Trust account authorization
Sources
Nationwide Mortgage Licensing System. (n.d.). Checklist compiler.
https://mortgage.nationwidelicensingsystem.org/slr/SitePages/Checklist-Compiler.aspx
Wyoming Banking Division. (n.d.). Home. Wyoming Division of Banking.
https://wyomingbankingdivision.wyo.gov/
Nationwide Mortgage Licensing System. (n.d.). Wyoming mortgage act surety bond. Nationwide Mortgage Licensing System.
https://mortgage.nationwidelicensingsystem.org/slr/StateForms/WY2-Mortgage_Act_Surety_Bond.pdf
Justia. (n.d.). Wyoming Statutes § 40-23. Title 40. Chapter 23. Change of beneficiary. Justia Law.
https://law.justia.com/codes/wyoming/title-40/chapter-23/