Wyoming Mortgage Loan Originator License Qualifications

Wyoming requires a license from the Division of Banking for nonexempt mortgage loan originators. MLOs who offer or negotiate mortgage loans or take them from customers must get a license if any of the dwellings associated with the mortgages are located in Wyoming.

MLOs at banks, savings and loans, and similar financial institutions are usually exempt from Wyoming license requirements. So are those who are only helping an immediate family member or dealing with a mortgage secured by the seller’s own dwelling. Attorneys engaged in normal client representation don’t have to get a mortgage loan originator license, and those who only do underwriting and loan processing are not required to obtain a license.

Wyoming MLO’s do not have to have a particular net worth or submit a surety bond. But they must pass a credit check that was ordered within 30 days before the application to show basic financial responsibility. A criminal background check is also mandatory.

As of 2017, the education requirement is 20 hours. Unlike some states, none of this has to be specific to Wyoming mortgage laws and regulations. But that could change in the future. Use the NMLS Pre-License Education Courses databases to find a school that provides the mandatory MLO educational classes. The PE Compehensive section has plenty of schools with 20-hour courses. Just double check with the school to make sure it qualifies for a Wyoming license. There are no entries that actually offer a specific Wyoming course since Wyoming does not currently have a state-specific requirement. So the generic 20-hour courses generally qualify for this state’s license.

http://mortgage.nationwidelicensingsystem.org/profreq/education/mcc/Pages/PECourses.aspx

As of 2013, there are 3 exam options. You can qualify by passing the National and Wyoming SAFE test components, the National and Stand-alone UST components, or the National Test Component with Uniform State Content.

Wyoming charges $150 for the MLO license application. The credit check is $15, and the background check is around $36. You may use the following checklist and MU4 application instructions to apply.

http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/WY-MLO-New-Application-Checklist.pdf (MLO license checklist)

http://mortgage.nationwidelicensingsystem.org/licensees/resources/LicenseeResources/Loan-Officer-MU4-Filing.pdf (MU4 form for loan officers and mortgage loan originators)

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