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Wyoming Mortgage Broker License: Step-by-Step Guide

In Wyoming, anyone engaged in the mortgage brokering and mortgage lending business needs to be licensed at the state level. The Wyoming Division of Banking regulates and issues all mortgage licenses.

The mortgage license application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage entities and loan originators to apply, update, or renew a license online.

Types of Mortgage Licenses in Wyoming

The state of Wyoming has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows entities to engage in mortgage brokering activities by applying to obtain mortgage loans for residential properties on behalf of WY residents.
  • Mortgage Lender/Broker License - allows entities to engage in both mortgage brokering and mortgage lending activities. Licensees are allowed to make mortgage loans and assist in the application preparation process for residential properties (on behalf of WY residents).

Wyoming State Requirements

All license applications are to be submitted online in NMLS. Please note that some agency-specific documentation, such as the surety bond, must BE mailed directly to the Division of Banking. You may mail your documents to Wyoming Division of Banking, Herschler Building, 3 West, 122 West 25th Street, Cheyenne, WY 82002.

For additional assistance with the license requirements, please contact the Division at (307) 777-6483 or [email protected].

For NMLS-related questions, please contact their call center at (855) 665-7123.

Education and Exams

Passing a test is obligatory for some, but not all license types. In the state of Wyoming, you are not required to complete a pre-licensure course or pass a test in order to obtain a Mortgage Broker or Mortgage Lender/Broker License.

WY Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Broker License - All Mortgage Broker applicants are required to furnish a $25,000 surety bond.
  • Mortgage Lender/Broker License - All applicants must submit a surety bond in the amount of $25,000.

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Licensing Fees

Fees for Company Licenses

All fees must be submitted in NMLS. Fees collected through NMLS are non-refundable.

  • Mortgage Broker License
    • $400 license fee.
    • $100 NMLS processing fee.
    • $36.25 background check.
    • $15 credit report fee (if required).
  • Mortgage Lender/Broker License
    • $400 license fee.
    • $100 NMLS processing fee.
    • $36.25 background check.
    • $15 credit report fee (if required).

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