Legislation passed during the 2009 Wyoming Legislation Session and effective July 1, 2009 amended the Uniform Consumer Credit Code statutes to include licensing of individuals who are employed by or under contract with companies that provide residential mortgage loans made primarily for personal, family or household use that are secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate upon which is constructed or intended to be constructed a dwelling. The term “dwelling” is defined as a residential structure that contains one to four units, whether or not that structure is attached to real property. “Dwelling”, if it is used as a residence, includes an individual condominium unit, cooperative unit, mobile home and trailer.
Please refer to the Wyoming Legislative Services website, 2009 Legislative Session, to view HB0169 and the changes made to Title 40, Chapter 14, Uniform Consumer Credit Code.
Title 40, Chapter 14, in its entirety, can be found at:
Rules & Regulations of the Administrator
Chapter 4 rules were amended and filed with the Wyoming Secretary of State effective December 30, 2009 and new Chapter 5 rules were filed effective December 30, 2009.
Chapter 4, Rules of Practice & Procedure Before the Administrator were amended to include references to the statutes enacted effective July 1, 2009.
Chapter 5, Loan Originator Licensing; Fees; Information Challenge, are new rules and address the mortgage loan originator licensing application, application fees, license renewals, continuing education, information challenge on the Report to the Registry and surety bond requirements.
The rules can be found HERE.
Mortgage Loan Originator Licensing
All Mortgage Loan Originators, as defined in W.S. 40-14-640(a)(ix), engaged in the business of a mortgage loan originator for any dwelling located in Wyoming must be licensed individually by this office. License applications are processed through the Nationwide Mortgage Licensing System (NMLS) and then forwarded to this office.
In order to obtain a license, applicants must:
1. Complete an MU4 form through the NMLS website.
2. Provide certification that 20 hours of pre-licensure education courses has been completed.
3. Obtain a passing grade on a SAFE mortgage test, both national and state components
4. Provide fingerprints for an FBI criminal history background check through the NMLS.
5. Authorize a credit report.
6. Be sponsored by the company employing or contracting with them. The company must also obtain its own unique identifying number through the NMLS. Companies that are licensed as Supervised Lenders but are not licensed as a Mortgage Broker or a Mortgage Lender/Broker with our office will need to register with the NMLS.
7. Be covered by a surety bond held by the company sponsoring the mortgage loan originator. The surety bond form is included.
The license fee is $150 and includes the NMLS processing fee.
Please direct your loan originators to the NMLS website: http://mortgage.nationwidelicensingsystem.org/Pages/default.aspx
Within the NMLS website information is available under Professional Requirements for:
Please direct your questions regarding system navigation to: The NMLS Call Center (240) 386-4444
Please direct your questions regarding Professional Requirements or licensing requirements to our licensing specialist at: (307) 777-7797 or by e-mail at: WyomingBankingDivision@wyo.gov.