Wyo. Code R. 021-0007-5
Uniform Consumer Credit Code
Chapter 5: Loan Originator Licensing; Fees; Information Challenge
Effective Date: 02/22/2017 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0007.5.02222017
(a) Each mortgage loan originator applicant shall provide all of the information required on the license application form prescribed by the Administrator, as applicable.
(b) An application to obtain a mortgage loan originator license pursuant to W.S. 40-14-642 shall be considered 'filed' only after all information and appropriate processing fees required have been received by the Administrator.
(c) An application for a license is a continuing obligation up until approval and issuing of the license applied for. If information in an application becomes inaccurate after filing, the applicant shall promptly notify the Administrator.
(d) A mortgage loan originator license is only active if the mortgage loan originator is sponsored by a company engaged in business under the Code and registered with the registry. A mortgage loan originator can only be sponsored by and conduct business as a mortgage loan originator for only one company at any time.
Pursuant to W.S. 40-14-642(f), each application for a mortgage loan originator license shall be accompanied by a one hundred and twenty dollar ($120.00) application fee plus any fees assessed by the registry.
(a) Pursuant to W.S. 40-14-646(a)(iii), the mortgage loan originator license renewal fee shall be one hundred and twenty dollars ($120.00) plus any fees assessed by the registry.
(b) Pursuant to W.S. 40-14-646(b) and W.S. 40-14-647(h), if any licensed mortgage loan originator fails to satisfy the requirements for renewal of their license by December 1, that license shall expire on December 31. The mortgage loan originator shall have until March 1 of the year immediately following the year the license expired to satisfy all of the renewal requirements under W.S. 40-14-646(a)(i), (ii) and (iii) and reinstate the license. Business as a mortgage loan originator may not be conducted after December 31 until such time as all of the renewal requirements have been satisfied and the license has been reinstated to active status on the registry. Failure to complete all of the renewal requirements by March 1 will result in final expiration of the license.
(a) Upon written request, an individual is entitled to a hearing to challenge any information relating to that individual entered onto the registry by the Administrator if the individual has previously provided a written challenge to the Administrator regarding such information and the Administrator has provided a written response that the information being challenged will not be removed from the registry.
(b) Notwithstanding any provision under the Wyoming Administrative Procedure Act, a request for hearing shall not be made more than fifteen (15) days after the individual has received notification by certified mail that information being challenged will not be removed from the registry by the Administrator and the supporting reasons for that decision.
(a) Pursuant to W.S. 40-14-637, any organization employing or contracting with a mortgage loan originator shall obtain an initial surety bond in the amount of twenty five thousand dollars ($25,000.00). Annually thereafter and prior to January 31 of each year, the bond amount shall be adjusted based upon the total volume of residential mortgage loan business under the Code conducted by mortgage loan originators during the previous calendar year according to the following scale:
(i) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was equal to or less than three million dollars ($3,000,000.00), the amount of the bond shall be twenty-five thousand dollars ($25,000.00).
(ii) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was greater than three million dollars ($3,000,000.00) but less than ten million dollars ($10,000,000.00) the amount of the bond shall be fifty thousand dollars ($50,000.00).
(iii) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was equal to or greater than ten million dollars ($10,000,000.00) the amount of the bond shall be one hundred thousand dollars ($100,000.00).