Mortgage brokers who wish to conduct business in the state of Wyoming must obtain a Broker License through the Wyoming Division of Banking (DOB). An important step in the licensing process is the submitting of a $25,000 Electronic Surety Bond (ESB) via the Nationwide Mortgage Licensing System (NMLS).
Wyoming Mortgage Broker Surety Bonds guarantee that the principal (broker) adheres to and conducts business consistent with the Wyoming Residential Mortgage Practices Act. If any borrower or consumer incurs any losses or damages due to the principal’s failure to comply with Wyoming law, a claim may be filed against the surety bond. Any damages paid out by the surety must be reimbursed by the principal.
Applications for licenses are handled by the NMLS, and additional information can be found on the NMLS website. Licensing costs are $500, including the NMLS processing fee, and if required, there is a $15 fee per credit report needed and a $36.25 fee per FBI criminal background check authorization required. All fees collected through the NMLS are not refundable.
Pacific Surety offers industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. If you have any specific questions, please contact our knowledgeable underwriting staff.