What Is a Wyoming Mortgage Broker Bond?
The Wyoming mortgage lender and broker surety bond holds professionals liable for operating under the Wyoming Residential Mortgage Practices Act. The bond contract protects harmed parties from financial loss or damages up to the full bond amount.
Note: The state requires a separate surety bond if you are applying for a Wyoming supervised lender license.
How Much Does a Wyoming Mortgage Lenders and Brokers Bond Cost?
Wyoming Revised Statutes § 40-23-110 requires a $25,000 surety bond for mortgage brokers and lenders before they can get licensed. If you operate more than one license office, your bond amount will increase by $10,000 per location.
Wyoming mortgage lender bonds premium costs start as low as $187. Your exact bond amount will be determined based on your credit. Get a free quote in minutes by applying now.
How Do I Get a Wyoming Mortgage Lender and Broker Bond?
Apply for your bond using the form on this page. Provide the following information for Division of Banking and the NMLS filing approval:
- Name
- License type
- NMLS ID
Once your payment is received, we'll deliver a copy of bond via your email and upload to NMLS on your behalf.
If you have questions about your application, call 1 (800) 308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.
When Do Wyoming Mortgage Brokers Renew Their Licenses?
The license must be renewed every year. You must submit a request between November 1st and December 31st with the NMLS to maintain your license for the next term.
How Do I Update or Change My Mortgage Lender or Broker Bond Form?
If the Division of Banking requires your Wyoming surety bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change.
How Do I Renew My Wyoming Mortgage Lender or Broker Bond?
The Wyoming mortgage lender or broker bond must be renewed when the state-issued one-year term expires. Once you pay your SuretyBonds.com renewal invoice, we'll issue a new bond form.
How Do Mortgage Brokers Apply for a License in Wyoming?
If you want to apply for a mortgage lender or broker license in Wyoming, select the license you need through the Nationwide Mortgage Licensing System and complete the specific requirements outlined there.
Mortgage Industry Surety Bonds Available Nationwide
Many states have specific surety bond requirements for mortgage professionals. This means professionals who work in several states often have multiple surety bonds. Visit our Mortgage Industry License Guide to learn more about mortgage bonds in other states.
