A Wyoming mortgage broker bond is a type of surety bond that is required by the Wyoming Division of Banking for individuals or companies acting as mortgage brokers in the state. The purpose of the bond is to provide a financial guarantee to the state and consumers that the mortgage broker will adhere to all applicable laws and regulations. To obtain a Wyoming mortgage broker bond, the broker must work with a surety company who will issue the bond on their behalf. The bond amount required by the state varies based on the volume of loans the broker originates, with a minimum bond amount of $25,000. If a consumer suffers financial losses due to the mortgage broker's actions, they can file a claim against the bond. If the claim is found to be valid, the surety company will pay out the amount of the bond to the consumer, up to the bond amount. Having a Wyoming mortgage broker bond is a requirement for all mortgage brokers operating in the state. It serves as a protection for consumers and helps ensure that mortgage brokers are held accountable for their actions.
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.
$25,000 minimum requirement for all Mortgage Broker Bonds
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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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.