The State of Wyoming Department of Audit requires a Wyoming Surety Bond for Mortgage Lenders and Brokers.
The Wyoming Surety Bond for Mortgage Lenders and Brokers Bond ensures that the principle will abide by all Wyoming state laws and regulations along with the provisions outlined in Wyoming Residential Mortgage Practices Act (W.S. 40-23-101 through 40-23-133). In case of noncompliance, the bond also ensures that the principal will pay for all costs and damages.
The required bond amount is $25,000 plus $10,000 for each branch location.
The price for the bond also known as the bond premium is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Valid: Continuous – Renewable
This bond is continuous only until it is released by the Commissioner of Banking. If the bond is not terminated by the Commissioner, but it has been revoked, expired with license, or surrendered, it must remain in effect 2 years after that date.
Licensing Fees and Requirements:
- Surety bond
- Audited financial statements
- Credit report
- Background check and fingerprinting
- Certificate of authority/good standing
- $150 licensing fees
- Application through NMLS
All licensing fees are required by the obligee, not the surety company.
CLICK HERE for additional licensing information from the Wyoming Department of Audit
APPLY for this bond and get a free quote here