Wyoming Mortgage Lender and Broker Bonds

All applicants for a Wyoming mortgage lender and broker license need to post a $25,000 surety bond. Supervised lenders under the Wyoming Uniform Consumer Credit Code also need the license and bonding if they want to work with first-lien mortgages.

The licensing authority is the state Division of Banking. However, the Nationwide Multistate Licensing System & Registry (NMLS) handles the documentation, so you have to apply with it.

The surety bond guarantees you will abide by Title 40, Chapter 23 of the Wyoming Statutes (The Wyoming Residential Mortgage Practices Act), and any other relevant laws.

The bond requirement for Wyoming mortgage lenders and brokers is $25,000. This is the legally required bond amount. On its basis, your bond premium represents a small percentage, calculated in consideration of your financial strength.

The exact surety bond cost that you have to pay depends on your personal credit score, business finances, and any fixed and liquid assets you may have. The surety has to examine these factors, so that it gets a clear view of the bonding risk that you pose. The price you will end up paying will be lower if your finances are in good shape.

Lance Surety Bonds has created its Bad Credit Surety Bonds program for applicants who have financial issues. If you're struggling with low credit scores, tax liens, bankruptcies, and civil judgments, you can make use of this bonding option.

The rates are higher due to the increased bonding risk, so they are in the range of 5% to 10%. As we work with a number of A-rated, T-listed surety companies, we can shop around for you and offer you the best match for your particular case.

You can launch your bonding process online with ease. Just complete our online application form (it takes 5min) and provide the necessary paperwork. We'll get in touch with an exact quote. If you're happy with it, you can buy your bond online straight away. You will then receive a digital and paper copy of it.

Want to know more about the intricacies of bonding? Find out more details in our How to Get Bonded guide.

For any questions or if you need assistance, you can call us at (877) 514-5146.

As the goal of your surety bond is to safeguard the interests of your customers, you can receive a claim against it if you fail to follow the law. A party who has suffered damages as a result of your actions can demand compensation of up to $25,000, which is the bond amount posted.

As set in the bond indemnity, you're fully liable to pay the costs on proven claims. The surety may cover them at first, but you need to reimburse it. Thus, claims can cause serious financial damage to your business. They can also be an obstacle to any future bonding and licensing needs.