What is a Wyoming Mortgage Lender and Broker Bond?
As part of the licensure condition, the Wyoming Division of Banking requires Mortgage Lender and Broker licensees and license applicants to submit a surety bond.
The surety bond is by § 40-23-110 of the Wyoming Statutes Annotated or the Wyoming Residential Mortgage Practices Act. The purpose of the bond is to cover the loan originators employed by the licensee.
A Mortgage Lender is a company that lends money to individuals for the purpose of purchasing a residential property. A Mortgage Broker is a company that assists a person in applying for or obtaining a residential mortgage loan.
What is the bond amount?
The bond amount is $25,000. An additional $10,000 is required per licensed office.
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
What are the Mortgage Lender and Broker bond conditions?
- The surety bond should be issued by a corporate surety who is authorized to conduct business in the State of Wyoming such as Surety Bond Authority
- The surety bond will be made payable to the State of Wyoming
- The Mortgage Lender and Broker/Principal is obligated to comply with the provisions of § 40-23 of the Wyoming Statutes Annotated or the Wyoming Residential Mortgage Practices Act, the rules and regulations of the Wyoming Division of Banking, and all the other applicable rules
- If the Mortgage Lender and Broker/Principal commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
- The surety bond will remain valid until released by the State Banking Commissioner. The bond be effective for two years if it has not been previously released by the State Banking Commissioner
How can I obtain a Mortgage Lender and Broker bond?
To secure this type of bond, the Mortgage Lender and Broker licensee and license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond.
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the pre-qualification process is fulfilled, we will execute the bond and send it to you!
If you have further questions about this bond, please call one of our expert surety bond agents at 800-333-7800. We’ll be glad to answer them!