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Mortgage Lenders and Brokers


Mortgage Lenders and Brokers

Information for Mortgage Loan Originators


Laws and Regulation

The following questions have been asked regarding licensing mortgage lenders and brokers:

Question:  When do I have to obtain a license?

Answer:  Any person or entity engaged in mortgage lending or brokering activities in Wyoming will need to obtain a license prior to engaging in business governed by the Wyoming Residential Mortgage Practices Act (the Act).

 

Question:  When do I have to start complying with the requirements of the Act?

Answer:  Compliance with all of the provisions of the Act is mandatory beginning July 1, 2005 .

 

Question:  Do I need to obtain a new license if I already hold a Supervised Lender license?

Answer:  Yes.  The Supervised Lender license only authorizes a lender to make loans under the Wyoming Uniform Consumer Credit Code, which governs all consumer loans except first lien mortgage transactions.  First lien mortgage lenders and brokers now have to be licensed under the Residential Mortgage Practices Act.  Any person or entity engaged in activities under both laws must hold both licenses.

The Wyoming Residential Mortgage Practices Act governs only first real estate mortgage transactions.  Second mortgage (or any junior lien) transactions are governed under the Wyoming Uniform Consumer Credit Code and a Supervised Lender license may be needed for lenders engaged in this type of lending.  Please contact our office if you have any questions.  

 

Question:  Am I required to have a physical location in Wyoming in order to transact business?

Answer:  No.  Out-of-state lenders can do business with Wyoming consumers but must be properly licensed.

              

Question:  Do I need to obtain a license if I operate via the Internet?

Answer:  Yes.  Other than the specific exemptions listed under W.S. 40-23-105, the act applies to persons engaged in first lien mortgage lending and brokering activities with Wyoming residents through any medium. 

Printable version of the questions


August 27, 2008 - State Banking Commissioner, Jeffrey C. Vogel announced the Participation of the Wyoming Division of Banking in the CSBS/AARMR Nationwide Mortgage Licensing System
 

Consumer Alert:  Mortgage Payment Increase - statement from the Division of Banking regarding adjustable rate mortgages and alert for consumers to plan for scheduled 'recasts" or "resets" of interest rates in the year ahead.  June 28, 2007
 

Mortgage Servicers and Providers Alert:  Mortgage Payment Increase - statement from the Division of Banking encouraging mortgage servicers and providers to contact their customers who have mortgage loans that are scheduled to recast this year.  June 28, 2007
 

November 15, 2006 - State Banking Commissioner, Jeffrey C. Vogel announced the adoption of a set of regulatory guidelines covering the marketing of nontraditional mortgages by state-licensed entities.             Press Release                      Guidance


"The Wyoming State Banking Commissioner now has the responsibility for licensing and regulating mortgage lenders and brokers in the state as authorized by the Wyoming Residential Mortgages Practices Act, which was signed into law by Governor Freudenthal on February 25, 2005."  

Standard letter explaining when a license is needed