The Wyoming Division of Banking has 2 similar licenses for brokers and lenders. One is just a mortgage broker license. The other is a combined mortgage lender/broker license. However, each type of license holder must also get a license for branch offices.
The mortgage broker license is for those who assist Wyoming residents in getting a residential mortgage loan. A lender is someone who makes a loan for state residents. If obtaining a lender license, then the lender may also act as a broker without getting the separate broker license. For both of these license types, merely holding yourself out to the public as a provider of these services is sufficient to trigger the license requirement.
Exemptions include those for government agencies, property owners who offer credit in connection with sale of their property, banks, savings and loans, credit unions, trust companies, related subsidiaries of which 80% of the voting stock is held by the bank, etc., attorneys representing clients, and wholesale lenders if the purchase is of a closed residential mortgage that was originally transacted by a licensed entity. These exemptions apply in the case of both broker and lender/broker licenses.
Both licenses have similar surety bond and application fee requirements. The bond is $25,000, and the fee is $500. Although no specific net worth is required, multiple financial statements and related documents must be filed. This also includes a business plan and documents that will be used in connection with the business. So although you can’t start business until you are licensed, you need to have everything ready to go before applying for your Wyoming mortgage license. The Division of Banking wants to know that you know what you are doing and have a plan in place to run a competent business. So they want to see all documents before you are approved to open shop. The application checklists give you a list of the documents they will be looking for. But it would also be advisable to hire a consultant to make sure you have all your ducks in a row before submitting your application.
http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/WY-Broker-New-Application-Checklist.pdf (Wisconsin main broker license application checklist)
http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/WY-L-B-New-Application-Checklist.pdf (lender/broker license application checklist)
You can find links to the branch mortgage license application checklists on the following page. Fees are $50 per branch office, and there must be a branch manager. The office must be included on a rider that is attached to your main surety bond.