All Mortgage Loan Originators, as defined in W.S. 40-23-102(a)(xxvii), engaged in the business of a mortgage loan originator for any dwelling located in Wyoming must be licensed individually by the Wyoming Division of Banking.  License applications are processed through the Nationwide Mortgage Licensing System (NMLS). 

 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.  Education obtained prior to July 1, 2009 will not be accepted.

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.

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 

Information is available under Professional Requirements for:

·                     Pre-licensure education courses:
http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx

 ·                     Testing:
http://mortgage.nationwidelicensingsystem.org/profreq/testing/Pages/default.aspx

 ·                     Fingerprinting:
http://mortgage.nationwidelicensingsystem.org/profreq/background/Pages/default.aspx

 ·                     Credit report authorization:
http://mortgage.nationwidelicensingsystem.org/profreq/credit/Pages/default.aspx

  NMLS navigation training is available under New and Events>Workshops and Events

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:
Marlene Aitchison at (307) 777-7792 or by e-mail at: maitchison@wyaudit.state.wy.us

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2009 Legislation

Legislation passed during the 2009 Wyoming Legislation Session and effective July 1, 2009 amended the Wyoming Residential Mortgage Practices Act to include licensing of mortgage loan originators. 

Please refer to the Wyoming Legislative Services website, 2009 Legislative Session, to view HB0169 and the changes made to Title 40, Chapter 23, Wyoming Residential Mortgage Practices Act. 

http://legisweb.state.wy.us/2009/Enroll/HB0169.pdf

Title 40, Chapter 23, in its entirety, can be found at:

http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title40/T40CH23.htm

Rules & Regulations of the Commissioner

Chapters 1 and 2 rules were amended and filed with the Wyoming Secretary of State effective December 30, 2009 and new Chapter 3 rules were filed effective December 30, 2009. 

Chapter 1, General Matters and Definitions, was amended to include references to the statutes enacted effective July 1, 2009.

Chapter 2, Mortgage Lender / Broker Licensing; Surety Bond, Prepayment Penalty Disclosure Form was amended to change the surety bond amounts based on the volume of mortgage business.  You will submit a rider to your current bond at renewal each year (if needed) based on your company’s volume of mortgage business conducted in the State of Wyoming for the previous calendar year. 

Chapter 3, Loan Originator Licensing; Fees; Information Challenge, is new.  These rules address the mortgage loan originator licensing application, application fees, license renewals, continuing education, and information challenge on the report to the registry

The rules can be found on the Division of Banking’s website:

http://audit.state.wy.us/banking/mortgage/mortgagelenderstatutes_rules.htm