What is an Wyoming Mortgage Broker Bond?
Wyoming Mortgage Broker Bonds are required by Wyoming's Division of Banking to obtain your Mortgage Broker license. The Wyoming Mortgage Broker Bond amount is set at $25,000. All Mortgage Loan Originators, as defined in W.S. 40-23-102(a)(xxvii), engaged in the business of a mortgage loan originator for any dwelling located in Wyoming must be licensed individually by the Wyoming Division of Banking. License applications are processed through the NMLS.
The State requires a Mortgage Broker bond for :
$25,000 minimum requirement for all Mortgage Broker Bonds
Different parts of a bond:
There are 3 parts to a Mortgage broker surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Mortgage Broker Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Wyoming Mortgage Broker Bond Information and Requirements:
In Wyoming, bond amounts are based on your credit score. The base bond amount for mortgage brokers required to get is a $25,000 surety bond. This amount will increase on your credit score.