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STATE OF WYOMING
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Is a license required? |
Yes. Wyoming statute 40-23, the Wyoming Residential Mortgage Practices Act.(Attached as Schedule A). 40-23-104-a states that "(a) With the exception of those persons exempt pursuant to W.S. 40 23 105, on and after July 1, 2005, no company shall engage in mortgage lending activities or mortgage brokering activities without first obtaining a license in accordance with this act." A mortgage broker is defined in 4-23-102-vi as "any company, who for compensation, or in the expectation of compensation, assists a person in obtaining or applying to obtain a residential mortgage loan or holds itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan;" |
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State
specific loan modification law? |
None. |
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Advantages
of becoming a licensed Mortgage Broker? |
None. There is no alternative. |
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Penalties
for operating in the state without a license: |
40-23-121 allows for a $500 fine for each day the statute is violated. 40-23-122 states that “(b) An individual who knowingly engages in any activity for which a license is required under this act, without being licensed under this act is guilty of a felony punishable by not less than three (3) years imprisonment or a fine of not less than ten thousand dollars ($10,000.00), or both.” |
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Is an
advanced fee permitted? |
There is no explicit prohibition on charging advance fees for loan modification. |
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Is a
written agreement required? |
No. 40-23-114-C states that “(c) A licensed mortgage broker shall not require a borrower to pay any fees or charges prior to the mortgage loan closing, except charges actually incurred by the licensed mortgage broker on behalf of the borrower for services from third parties necessary to process the mortgage loan application, such as credit reports and appraisals.” |
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Other
noteworthy information? |
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Wyoming
Statutes |
Wyoming Statute 40-23: Ctrl + Click Here License application: Ctrl + Click Here |