Wyoming Mortgage Lender or Broker Surety Bonds
The Wyoming Division of Banking oversees the licensing of Mortgage Lenders and Mortgage Brokers through the National Mortgage Licensing System (NMLS). A license and surety bond is required prior to providing any mortgage related services. The surey bond ensures compliance of state laws and ensures honest and ethical business practices.
Surety Bond and License Requirements:
- Payment of the NMLS processing fee, criminal background check fee, and credit report fee;
- Brokers or lenders will need to obtain a $25,000 surety bond for a single or main branch license and a $10,000 surety bond for each additional branch license. The surety will upload the bond directly to the NMLS ESB system.
- An audited financial statement prepared by a CPA or an unaudited financial statement signed by an executive director of the company. Financial statements include a Balance Sheet, Income Statement, and Statement of Cash Flows. If the applicant is a new business, an initial Statement of Condition is required.
- Provide a business plan, management chart, organizational chart, document samples (application, HUD-1 Settlement Statements, etc.).
- If applicable, include the following documents: formation documentation, Certificate of Authority/Good Standing; disclosure questions, Certificate of Authority from the Wyoming Secretary of State (for dba's and trade names).
- Complete the Trust Account Authorization Form, Certificate of Resolution (form).
How Much Will a Wyoming Mortgage Lender Bond Cost?
The premium that you pay for a Wyoming Mortgage Broker/Lender License Surety Bond is dependent on credit and the number of branch locations. Premiums start at .75% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
Mortgage brokers and lenders that conduct business in Wyoming through the internet are required to be licensed.
Related Links:Wyoming Mortgage Lender and Broker Facts NMLS Wyoming Mortgage Lender/Broker Checklist
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application