A Wyoming Mortgage Lender and Broker Bond is a type of mortgage bond that protects your clients from dishonest or unethical actions performed by you or your company. If you or your company do not live up to your obligations to your client, then your client is protected and they will be compensated for any losses incurred.
Do I Need a Mortgage Lender and Broker Bond?
If you or your company are engaging in mortgage lending or mortgage brokering activities in the state of Wyoming then you will need to get a Wyoming Mortgage Lender and Broker bond to legally do business.
Mortgage brokering activities include:
- Assisting in the preparation of an application for a residential mortgage loan
- Offering to assist in the preparation of an application for a residential mortgage loan
- Negotiating the terms or conditions of a residential mortgage loan
- Offering to assist in the preparation of a residential mortgage loan
Mortgage lending activities include:
- Accepting an application for making a residential mortgage loan
- Offering to accept an application for making a residential mortgage loan
Exemptions to getting a Wyoming Mortgage Lender and Broker Bond can be found on the Wyoming Mortgage Lender/Broker License description on the NMLS website.
Wyoming Mortgage Lender and Broker Bond Specifics
- The amount for your Wyoming Mortgage Lender and Broker Bond must be for $25,000.
- Use the bond form provided by NMLS.
- Bond must be furnished by a surety company authorized to conduct business in Wyoming.
- The legal name of the principal on the bond must match the full legal name of the applicant exactly.
How Much Will I Pay For My Wyoming Mortgage Lender and Broker Bond?
Though your bond must be in the amount of $25,000 this is not how much you will pay for your bond.
Mortgage bond premiums, like all surety bond premiums, are calculated based on a percentage of the total bond amount. Generally this percentage is somewhere between 1-15% depending on your personal credit score and financial strength.
There are many ways to lower your mortgage bond rate and save money. Run an ethical business, manage your company’s finances well, and improve your person and company credit score as best you can.
Where Can I Get My Wyoming Mortgage Lender and Broker Bond?
To get your Wyoming Mortgage Lender and Broker bond, you will need to work a surety bond company.
Pick a surety bond company that is reliable and has multiple relationships with insurance companies so you can be sure that you are getting the best rate for your bond.
At Surety Solutions, we offer mortgage bonds for individuals and companies. We have relationships with over 30 of the best insurance companies, so you can be sure that you are getting the best rate out there.
Want to know what you would pay for your Wyoming Mortgage Lender and Broker Bond? Try the Bond Cost Calculator, a free tool that generates instant quotes for you, no log-in or purchase required.
Try the Bond Cost Calculator, now!
Getting Your Wyoming Mortgage License
Once you secure your bond, you can start your licensing application process. Complete the requirements on the Wyoming Mortgage Lender/Broker License checklist, pay the licensing fees, and submit your application and necessary documents through the NMLS website.
Once submitted, a NMLS regulator will review your application and communicate with you through NMLS regarding your status.
Licensing or Bonding Questions?
For licensing questions, contact the Wyoming Division of Banking
307-777-6483 | [email protected]
For bonding questions, contact Surety Solutions
866-722-9239 | [email protected]
Related Links:
