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How Much Does a Wyoming Mortgage Lender & Broker Bond Cost?
The cost of a mortgage lender and broker bond in Wyoming starts at $250. This is based on loan volume less than $3 million. For loan volume of $3 million to $10 million, the bond cost starts at $500. For loan volume over $10 million, the bond cost starts at $1,000.
Rather than pay the full bond amount for your mortgage broker license, you can purchase your bond through a Wyoming surety bond company. The bond premium rate ranges from 1% to 10%. The rate is determined by the applicant’s credit scores, business experience and both fixed and liquid assets.
Applicants with credit scores above 700 qualify for a mortgage bond premium rate from 1% to 3%. Applicants with credit scores between 600 and 699 qualify for premiums from 3% to 5%. Premiums of 5% to 10% are available for applicants with a 599 credit score or below.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Wyoming Mortgage Lender and Broker Bond |
$25,000 |
$250 - $750 |
$750 - $1,250 |
$1,250 - $2,500 |
|
Wyoming Mortgage Lender and Broker Bond |
$50,000 |
$500 - $1,500 |
$1,500 - $2,500 |
$2,500 - $5,000 |
|
Wyoming Mortgage Lender and Broker Bond |
$100,000 |
$1,000 - $3,000 |
$3,000 - $5,000 |
$5,000 - $10,000 |
How to Get a Wyoming Mortgage Lender & Broker Bond
1. Apply For Your Bond
It only takes a few minutes to apply for a mortgage lender and broker bond in Wyoming. Fill out the online application for a mortgage bond to receive a quote. Because numerous programs are available, we provide competitive rates to our customers based on their qualifying factors.
Our new client, Phoebe, contacted us recently to buy a bond for her two office locations in Wyoming. It only took her a few minutes to apply online, and she received an instant quote. After paying the premium online, she completed her license application. She now has offices in Cheyenne and Casper.
2. Get a Quote
With our streamlined application and more than 10 years of experience, we simplify the process of getting a mortgage lender and broker bond. Once you submit your online application, you’ll receive a free, no-obligation quote.
More than 99% of applicants qualify for a mortgage lender and broker bond through our surety company. Often, applicants receive an instant quote from us. If your situation is more complex, we will be in touch within 48 hours with a quote.
3. Purchase Your Bond
After reviewing your bond quote, the final step is to purchase your bond. For your convenience, premiums can be paid online. We will then email the bond to you, or we can mail it if requested.
With a bond in place, our customers can complete their application for a mortgage broker license in Wyoming. If you have any questions or encounter any difficulties, our surety bonds experts are here to help you – contact us or call us at (877) 514-5146.
Mortgage Lender & Broker Bond Requirements in Wyoming
As of 2008, Wyoming mortgage broker license applications and renewals are processed by the Nationwide Multistate Licensing Service (NMLS). When looking at how to get a mortgage broker license through the NMLS, you will find that an electronic surety bond must be submitted to the NMLS.
The surety bond requirement for a mortgage broker in Wyoming is $25,000 for loan volume less than $3 million. A $50,000 bond is required for loan volume of $3 million to $10 million. A $100,000 bond is required for loan volume more than $10 million.
On the surety bond form, the obligee is the Wyoming Division of Banking. The bond must be renewed annually to maintain the mortgage broker license. As your Wyoming surety bond expiration date approaches, we will contact you about renewing it.
For questions about the mortgage lender and broker bond and licensing requirements in Wyoming, contact the Division of Banking at (307) 777-6483.
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
