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Wyoming Mortgage Lender and Broker Bond

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!

Bond Type Bond Amount Cost by Credit Score*
680 and up 679 - 600 599 or lower
Mortgage Lenders and Brokers Bond $25,000 Starts at $250 $1,000-2,000 $2,500+ Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

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
  • and more

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
  • and more

Take the first step toward becoming a licensed mortgage professional by purchasing the Wyoming surety bond you need!

Ready to get started?

Get a FREE Mortgage Lender Broker Bond Quote Today!

Company New Application Checklist Agency Requirements Wyoming Mortgage Lender/Broker License

Wyoming Division of Banking Mortgage Lenders and Brokers - Licensing and Renewal

Chapter 23 - Wyoming Residential Mortgage Practices Act

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