Mortgage lenders who wish to conduct business in the State of Wyoming must obtain a Mortgage Lender 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). An additional sum of $10,000 is required for each licensed office.
Wyoming Mortgage Lender surety bonds guarantee that the principal (lender) adheres to and conducts business consistent with the Wyoming Residential Mortgage Practices Act. If any borrower or consumer incurs 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 Nationwide Mortgage Licensing System (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 and a $36.25 fee per FBI criminal background check authorization needed. 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.
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Mortgage Lender Surety Bonds – Wyoming
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