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How much does a mortgage broker bond cost in Wyoming?
The State of Wyoming’s Department of Audit’s Division of Banking requires mortgage lenders and brokers to post $25,000 surety bonds. An additional $10,000 worth of coverage is required for each licensed business location.
These bonds are subject to underwriting, so the price you’ll pay for your bond depends on a review of your personal credit report. Apply for your free bond quote now!
If you’re ready to start getting bonded, call SuretyBonds.com at 1 (800) 308-4358 or submit a bond request now!
Why do I need this bond?
By posting a mortgage lender and broker surety bond in Wyoming, principals (lenders and brokers) pledge to perform their obligations with respect to transactions governed under the Wyoming Residential Mortgage Practices Act (W.S. 40-23-101 through 40-23-133) and any related rules and regulations. Prohibited acts under this bond include:
- paying or working with any person who is not licensed to do mortgage lending/brokering in the state
- delaying the close of any residential loan for the sake of increasing interest, cost or fees
- accepting any fees at the closing of any property that weren’t disclosed beforehand
- engaging in misrepresentation
- making false promises with the goal to influence any person
These bonds protect harmed parties from financial loss that results from the principal’s unlawful and unethical business practices.
Ready to get bonded? Connect with our team of experts!
What’s the fine print?
Wyoming mortgage broker and lender bonds remain continuous until released by the Commissioner of Banking. The surety can reduce or terminate its liability under the bond by giving written notice of termination to the principal and to the commissioner via certified mail at least 30 days prior to the effective date of termination.
If the bond is not terminated by the commissioner or the surety, the liability of the surety expires 2 years after the date of the surrender, revocation or expiration of the principal’s license, whichever happens first.
How to become a mortgage broker in Wyoming
Posting a mortgage professional bond is just the first step toward obtaining the necessary state license to work as a mortgage lender or broker in Wyoming. To apply for licensure, individuals must submit an application packet with the following information and documents included:
- complete credit report
- audited financial statements
- business plans with marketing strategies
- Certificate of Authority/Good Standing
- management chart
- trust account authorization
- background check
- fingerprint cards for any person with control
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.