The Division of Banking requires a Mortgage Loan Originator Bond for licensed mortgage brokers, mortgage lenders, and consumer lenders who wish to hire Mortgage Loan Originators (MLO) within the State of Wyoming.
The Mortgage Loan Originator Bond is provided by Jet Insurance Company to act as a financial assurance to the Division that the MLO will uphold all state regulations while under the employment of the mortgage or consumer loan business. The surety bond also provides a legal guarantee that restitution is available to any damaged party should the MLO commit a violation (e.g. negligence, misrepresentation, and/or fraud).
According to the Division, the limit for a Mortgage Loan Originator Bond is determined by the annual amount of mortgage loans originating within your mortgage broker, mortgage lender, or consumer lending business.
At Jet, the cost of a surety is a small fraction of the limit and is based on a soft credit check of the applicant. So, if you qualify for the $25,000 minimum limit, Jet’s rates start at $94 for a one-year term or you can choose to make a convenient payment of $9 per month.
Details on how to work out your correct bond amount, the bond limits available, and Jet’s preferred tier rates can be found in the price chart below.
|Total Amount of Loans||Bond Limit||Monthly||1-Year|
|Less than $3,000,000||$25,000||$9||$94|
|More than $10,000,000||$100,000||$38||$375|
The Wyoming Division of Banking utilizes the Nationwide Multistate Licensing System and Registry (NMLS) for the administration of mortgage and consumer lending business licenses, as well as the filing of surety bonds. So once you purchase the Mortgage Loan Originator Bond with Jet, it must then be filed with the NMLS.
Jet can handle filing your bond for you! We simply need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.
In Wyoming, mortgage broker, mortgage lender, mortgage loan originator, and consumer lender licenses expire on December 31st of each year. To ensure you experience a seamless license renewal with the Division, select the renewal button at the bottom of the page for more information.
If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.