Wyoming Mortgage Broker Bond Overview

To get licensed as a mortgage broker or mortgage lender in Wyoming you will need to obtain a mortgage broker bond in an amount of $25,000.

These licenses are regulated by the state Division of Banking, though the application process itself is conducted through the Nationwide Multistate Licensing System & Registry (NMLS).

Why do I need this bond?

The bond required of applicants for a Wyoming mortgage broker license is a type of guarantee for their compliance with all applicable state laws.

If a licensed broker or lender violates their legal obligations and thereby causes damages to any person, that person may file a claim against the bond to obtain financial compensation.

The surety that backs the bond will then investigate the nature of the claim and possibly extend compensation to claimants for as much as the full amount of the bond.

You can learn more about how surety bonds work and why you need one from our ‘What is a surety bond' guide!

Start your surety bond application today! Why us?
  • Quick turnaround - just 1-2 business days
  • Tailor-made advice on building a strong application
  • Exclusive bad credit programs

See the following sections for more about the cost of this bond, how bond claims occur, and how you can get bonded!

You can also call us anytime at 866.450.3412 if you'd like to speak to one of our agents personally.

What's the Cost of the Wyoming Mortgage Broker Bond?

The cost of your bond, also known as the bond premium, is a fraction of the full amount of the required bond. The surety that issues your bond will determine your premium on the basis of several financial criteria.

How sureties determine the bond premium

An applicant's personal credit score is the primary factor that determines the cost of their bond.

Applicants with high to good credit scores can expect their surety to offer them a rate in the range of .5% to 5% of their bond amount.

Applicants that have low scores or so-called bad credit can expect to get a rate between 5% and 15%. The higher rate for such applicants is due to the increased risk perceived by sureties when underwriting bonds under such conditions. Any improvement in an applicant's credit score will usually result in an improvement in their bond rate.

Apart from credit score, sureties will often also examine some of the following factors as well:

  • Personal and business financial statements
  • Fixed and liquid assets
  • Industry experience and record

Want to know how much your bond might cost? See the table below for an estimate of your premium based on credit score!

Wyoming Mortgage Broker Bond Cost Based on Credit Score
License type Bond Amount Credit Score
Above 700 650-699 600-649 Below 599
Mortgage broker / mortgage lender $25,000 $125-$312 $188-$375 $500-$1,250 $1,250-$1,875

* The table provides a bond cost ballpark estimate based on the applicant's credit score. Actual bond prices can differ due to a number of factors. For an exact quote, please complete our online application. It's fast and 100% free!.

What Can Give Rise to a Bond Claim?

The Wyoming Mortgage Practices Act states that the required mortgage broker bond is for the benefit of anyone who suffers damages or losses as a result of a broker's or lender's actions.

When a person files a claim, the surety that issues and backs the bond will investigate the situation to assess its scope and validity. If it finds the claim to be legitimate, it will extend compensation to the claimant to cover their losses. If the compensation exceeds the amount of the bond, the surety will extend as much as the full bond amount but not more.

In return, the broker or lender will need to repay the surety for any such payment it makes. Sureties are not liable for the violations of the people or companies they issue bonds for. For this reason, it is always best to avoid giving rise to a claim in order to avoid the complexities and difficulties associated with having to resolve it!

Apply for Your Bond Here!

You can get started with your application right away - simply click on the banner below and complete our simple bond form.

One of our agents will then get in touch with you to provide you with a free and exact quote, as well as with further information about completing the application process.

Start your surety bond application today! Why us?
  • The lowest possible rates
  • A 100% money-back guarantee
  • Access to specialty programs, not available to small agencies

If you have any further questions about the bonding requirements for Wyoming mortgage brokers, give us a call at 866.450.3412!

Further Reading

About us:
Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.