Section 40-14-648 – Authority to Require License.
40-14-648. Authority to require license. (a) In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the registry. In order to carry out this requirement the administrator may participate in the registry. For this purpose, the administrator may establish by […]
Section 40-14-649 – Unique Identifier; Rulemaking.
40-14-649. Unique identifier; rulemaking. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan applications forms, solicitations or advertisements, including business cards or websites, and any other documents as established by rule of the administrator.
Section 40-14-639 – Report to the Registry.
40-14-639. Report to the registry. The administrator shall regularly report violations of this act relating to transactions conducted by mortgage loan originators, as well as enforcement actions and other relevant information, to the registry subject to the provisions contained in W.S. 40-14-636. The administrator shall establish by rule a process where a mortgage loan originator […]
Section 40-14-640 – Additional Definitions.
40-14-640. Additional definitions. (a) As used in this part: (i) Repealed By Laws 2013, Ch. 27, § 2. (ii) “Clerical or support duties” means: (A) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and (B) Communicating with a consumer to obtain the information necessary […]
Section 40-14-641 – Loan Originator Licensing; Registration; Rulemaking.
40-14-641. Loan originator licensing; registration; rulemaking. (a) An individual, unless specifically exempted under subsection (c) of this section, shall not engage in the business of a mortgage loan originator for any dwelling located in Wyoming without first obtaining and maintaining annually a license in accordance with part 4 of this article. Each licensed mortgage loan […]
Section 40-14-642 – Loan Originator Application; Processing.
40-14-642. Loan originator application; processing. (a) Applicants for a mortgage loan originator license shall apply in a form prescribed by the administrator. Each application form shall contain content as established by the administrator and may be changed or updated as necessary by the administrator in order to carry out the purposes of part 4 of […]
Section 40-14-643 – Issuance of Loan Originator Licenses.
40-14-643. Issuance of loan originator licenses. (a) The administrator shall not issue a mortgage loan originator license unless the administrator makes at a minimum the following findings: (i) The applicant has not had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be […]
Section 40-14-644 – Prelicensing and Relicensing Education of Loan Originators.
40-14-644. Prelicensing and relicensing education of loan originators. (a) In order to meet the prelicensing education requirement referred to in W.S. 40-14-643(a)(iv), a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b) of this section, which shall include at least: (i) Three (3) hours of federal law and […]
Section 40-14-636 – Records; Confidentiality.
40-14-636. Records; confidentiality. (a) For purposes of this section, “licensee” shall also mean a licensed mortgage loan originator pursuant to W.S. 40-14-640 and an organization employing or contracting with a mortgage loan originator. (b) Every licensee shall maintain records in a manner that will enable the administrator to determine whether the licensee is complying with […]
Section 40-14-637 – Surety Bonds.
40-14-637. Surety bonds. (a) Any organization employing or contracting with a mortgage loan originator shall maintain a surety bond to the state of Wyoming in accordance with this section. The surety bond shall be used to cover individual mortgage loan originators employed by or under contract with the organization. The amount of the bond shall […]