Mortgage Broker News Alerts
Stay up to date on breaking news with our free News
Alert Service.
Become A Mortgage Broker In Wyoming
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Wyoming or anyone looking to become a mortgage broker in Wyoming.
Wyoming’s Mortgage Broker laws are under the jurisdiction of the Wyoming Department of Audit, Division of Banking. Until July 1, 2005 a Mortgage Broker License was not required. However, a new law was signed on February 25, 2005 which is effective as of July 1, 2005.
The new law defines a Wyoming Mortgage Broker as anyone ‘accepting or offering to accept applications for making residential mortgage loans.’ In Wyoming, residential real estate means a one to four family dwelling. A key point of the Wyoming law is that it covers anyone providing services to Wyoming residents, whether in person or over the internet. Find full details of the Wyoming mortgage broker law.
Briefly, exemptions from needing a mortgage license in Wyoming are banks, attorneys, home owners acting for themselves, or employees of mortgage brokers. Full details of those exempted are at the above web site.
When applying for a Mortgage Broker License in Wyoming, applicants pay a non-refundable application fee not to exceed $1,000 for the home-office location, and not to exceed $100 for each additional location . The annual renewal fee is the same as the application fee.
Mortgage Broker Applicants need to provide a Surety Bond in the amount of $25,000, plus $10,000 more for each licensed office, issued by a surety authorized to do business in Wyoming. Also, the applicant must not have been convicted of any felony or a misdemeanor connected with real estate transactions.
Examinations may be required as the Commissioner deems necessary. The Commissioner shall have ‘free and reasonable access to the offices, places of business, books and records of the licensee’ whether in state or out of state. The fee to cover the cost of these examinations shall not exceed $100.00 per hour.
Although Mortgage Brokers doing business in Wyoming do have an affiliate association with the National Association of Mortgage Brokers, www.namb.org, the Wyoming group does not maintain a separate web site. Those wanting to become a Mortgage Broker in Wyoming will benefit by contacting the NAMB.
Join the Wyoming Mortgage Refinance Directory Get listed in the largest Wyoming mortgage and real estate directory online! Gain exposure to thousands of potential borrowers monthly – Free sign up, join today!
