Getting your Wyoming loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Wyoming Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Wyoming Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
In Wyoming, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending
12 hours of General Electives
These courses are required by the Wyoming state licensing agency, also known as the Wyoming Banking Division.
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Now it’s time to submit for official Wyoming licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
You’ll need to pay $120 for the Wyoming portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
The SAFE MLO Test
NMLS Processing Fee
Criminal Background Check
Credit Report
Wyoming Application Fee
The definition below is taken from Chapter 23 of the Wyoming Residential Mortgage Practices Act. A Mortgage Loan Originator:
(A) Means an individual who for compensation or gain or in the expectation of compensation or gain:
(a) Takes a residential mortgage loan application; or
(b) Shall not include any individual engaged solely as a loan processor or underwriter except as otherwise described in W.S. 40-14-641 (d);
(c) Shall not include a person who only performs real estate brokerage activities and is licensed or registered in accordance with Wyoming law, unless the person is compensated by a lender, a Mortgage Broker, or other Mortgage Loan Originator or by any agent of such lender, Mortgage Broker, or other Mortgage Loan Originator; and
(d) Shall not include a person solely involved in extensions of credit relating to timeshare plans.
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
According to ZipRecruiter, Wyoming Mortgage Officers make approximately $75,000 per year on average as of November 2021. The 75th percentile of earners makes above $118,000, while the bottom 25th makes under $36,000. Top earners can earn more than $180,000 in Wyoming.
Wide open spaces and low interest rates have many homebuyers looking to Wyoming to find the property of their dreams. Over the course of last year, home prices in Wyoming have jumped by a healthy 10.1%. That's excellent news for an MLO looking to rope in a few extra mortgages at great price points.
It pays to be a Mortgage Loan Officer in Wyoming. The median home cost in Wyoming is $283,000. At a commission rate of 1%, that’s a $2,830 payment for the MLO once the loan is secured. Here are the average home payouts in a few Wyoming locations:
Location | Average Home Price | Average Commission |
|---|---|---|
Cheyenne | $320,000 | $3,200 |
Casper | $240,000 | $2,400 |
Gillette | $230,000 | $2,300 |
Laramie | $300,000 | $3,000 |
$65,000,000 | $650,000 |
All average home price figures were collected from Zillow.
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
American Financing (Cheyenne)
Casper Mortgage Lenders (Casper)
Bay Equity Home Loans (Gillette)
The Mortgage Source Inc. (Laramie)
